Copper, nickel weaken on global cues, muted demand

Copper and nickel prices drifted lower by up to Rs 5 per kg at the non-ferrous metal market today, largely in tandem with a weak trend overseas amid muted demand form consuming industries at domestic markets.
Metal traders said, weakness in copper and other base metals at the London Metal Exchange (LME) and slackened demand from consuming industries, kept pressure on metal prices.
Globally, copper declined by 1.6 per cent on the LME after the biggest inflow of the metal in 15 years to warehouses managed by the LME, according to bourse data released yesterday.
In the national capital, copper mixed scrap traded lower by Rs 5 to Rs 353 per kg, while nickel plate (4x4) fell by Rs 3 to Rs 807-812 per kg.

Lead ingot and lead imported too were down by Re 1 each to Rs 90 and Rs 967 per kg, respectively.
Following are today's metal rates (in Rs per kg):
Zinc ingot Rs 102-108, Nickel plate (4x4) Rs 807-812, gun metal scrap Rs 227, Bell metal scrap Rs 229, copper mixed scrap Rs 353, chadri deshi Rs 295.
Lead ingot Rs 90, lead imported Rs 96, aluminium ingots Rs 154, aluminium sheet cutting Rs 150, aluminium wire scrap Rs 150 and aluminium utensils scrap Rs 148.