Base metals extend weakness on sluggish demand

Select base metal prices shed another Rs 2 per kg at the non-ferrous market today due to subdued demand from consuming industries amid weak trend overseas.
Traders attributed the continued fall in select base metals to muted demand from consuming industries and a weak trend at the London Metal Exchange (LME) after signs of flagging global economic growth rekindled demand concerns.
Globally, copper for delivery in three months fell 1.1 per cent to USD 4867 per tonne at the LME in yesterday's trade.
In the national capital, copper mixed scrap and nickel plate (4x4) declined further by Rs 2 each to Rs 360 and Rs 833-838 per kg, respectively. Zing ingot, lead ingot and lead imported were also enquired lower by a similar margin to Rs 92-98, Rs 70 and Rs 76 per kg, respectively.

Following are today's metal rates (in Rs per kg):
Zinc ingot Rs 92-98, Nickel plate (4x4) Rs 833-838, gun metal scrap Rs 227, Bell metal scrap Rs 229, copper mixed scrap Rs 360, chadri deshi Rs 295.
Lead ingot Rs 70, lead imported Rs 76, aluminium ingots Rs 153, aluminium sheet cutting Rs 149, aluminium wire scrap Rs 149 and aluminium utensils scrap Rs 147.