Copper, nickel weaken on sluggish demand, global cues

Prices of copper and nickel moved down by up to Rs 3 per kg at the non-ferrous metal market today due to subdued demand from consuming industries amid weak trend overseas.
Traders said a weak trend in base metals in global market on worries about demand from world's top consumer China were reinforced by expectations of ample supplies and higher inventories in exchange-monitored warehouses, mainly dampened sentiment.
Stocks in LME-approved warehouses, at 332,975 tonnes, are up nearly 70 per cent since early February.
Globally, copper for delivery in three months ended down 0.9 per cent at USD 5,880 per tonne on the London Metal Exchange in yesterday's trade.

In addition, easing demand from consuming industries at domestic spot market, also weighed on copper and nickel prices.
In the national capital, copper mixed scrap and nickel plate (4x4) drifted lower by Rs 3 and Rs 2 to Rs 355 and Rs 798-803 per kg, respectively.

Following are today's metal rates (in Rs per kg):
Zinc ingot Rs 100-106, Nickel plate (4x4) Rs 798-803, gun metal scrap Rs 227, Bell metal scrap Rs 229, copper mixed scrap Rs 355, chadri deshi Rs 295.
Lead ingot Rs 91, lead imported Rs 97, aluminium ingots Rs 154, aluminium sheet cutting Rs 150, aluminium wire scrap Rs 150 and aluminium utensils scrap Rs 148.