Select base metals remain weak on global cues

Select base metal prices continued to decline, lost up to Rs 5 per kg in the local metal market today on sustained selling by stockists in tandem with weak trend at the London Metal Exchange. 

Trading sentiment remained bearish after copper declined in London and Shanghai on concern that metals demand may dwindle, as economic growth slows in the US and China, the world's two biggest users.

Meanwhile, copper for three-month fell 0.7 per cent to a two-week low of $7,150 and nickel by 1.4 per cent to $21,386 a metric tonne on the London Metal Exchange.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained weak for the third day and lost Rs 2 each to Rs 366, Rs 385 and Rs 346, while nickel (4x4) by Rs 5 to Rs 870-884 per kg.

Zinc ingot and lead ingot and lead imported also traded lower by rupee one each at Rs 115.50, Rs 114 and Rs 117 per kg. 

Following were today's quotations in Rs per kg:

Tin ingot 795, zinc ingot 115.50, nickel plate (4x4) 870- 884, gun metal scrap 226 bell metal scrap 228, copper wire scrap 366, copper wire bar 385, copper mixed scrap 346, Utensil scrap 224, Chadripital 175

Lead ingot 114, lead imported 117, aluminium ingots 100, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100