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Tin drops on heavy stockists selling

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Press Trust of India Mumbai
Last Updated : Jan 20 2013 | 10:13 PM IST

Tin prices dropped further at the non-ferrous metal market here today due to sustained selling by stockists and traders amid subdued industrial demand.

Elsewhere, select copper and aluminium also moved down on reduced offtake from consumer industries. 

Meanwhile, copper sheets cutting, brass sheets cutting and lead edged higher owing to better buying from industrial users. 

In overseas trade, the industrial metals rallied at the London Metal Exchange (LME) on expectations of strong demand from China, despite its fresh monetary policy tightening move to curb inflationary pressure and supportive economic data. 

Tin slumped by Rs 15 per kilo to Rs 1,380 from Monday's closing level of Rs 1,395 and copper utensils scrap declined by Rs 3 per kilo to Rs 416 as against Rs 419 previously.

Copper cable scrap and copper wire bar fell by Rs 2 per kilo each to Rs 456 and Rs 484 respectively, as against Rs 458 and Rs 486 yesterday.

Aluminium utensils scrap also softened by a rupee per kilo to Rs 109. However, copper sheets cutting, brass sheets cutting and lead all inched up by a rupee per kilo each to Rs 435, Rs 314 and 126, respectively.

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First Published: Jun 14 2011 | 5:01 PM IST

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