Select base metals decline on weak global trend

Select base metal prices fell up to Rs 2 per kg on the local metal market today as stockists reduced their holdings on the back of weakening global trend.  

Traders said stockists reduced their positions on the back of weakening global trend mainly led to decline in select base metal prices. 

Meanwhile, copper for three-month fell 0.3% to $9,714.25 a tonne on the London Metal Exchange. In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were declined by Rs 2 each to Rs 502, Rs 525 and Rs 485 per kg, respectively.  

Zinc ingot, lead ingot and lead imported were also traded lower by Re 1 each to Rs 128.50, Rs 140 and Rs 143 per kg, respectively. 

Following were today's quotations in Rs per kg: 

Tin ingot 840, zinc ingot 128.50, nickel plate (4x4) 1,049-1,051, gun metal scrap 226 bell metal scrap 228, copper wire scrap 502, copper wire bar 525, copper mixed scrap 485, Utensil scrap 224, Chadripital 175

Lead ingot 140, lead imported 143, aluminium ingots 110, sheet cutting 111, aluminium wire scrap 110 and aluminium utensils scrap 107