Tin, nickel slump on selling, lower demand

Tin and nickel prices slumped in an otherwise sluggish non-ferrous metal market here due to selling by stockists amid subdued demand from alloy industries.
On the global front, industrial metal copper was steady near three-week lows, and was set to end little changed for the month, as traders priced in a US rate rise that would add to headwinds facing commodities against a backdrop of ample supply.
Tin plunged by Rs 20 per kg to Rs 1,170 from Friday's closing level of Rs 1,190 and nickel dropped by Rs 10 per kg to Rs 820 from 830.
Brass sheet cutting declined by Rs 4 per kg to Rs 295 from overnight close of Rs 299.

Copper armiture, copper utensils scrap, copper sheet cutting, brass utensils scrap and zinc all edged down by Rs 2 per kg to Rs 389, Rs 366, Rs 384, Rs 288 and Rs 151 respectively as against Rs 391, Rs 368, Rs 386, Rs 290 and Rs 153 yesterday.
Copper cable scrap, copper scrap heavy and copper wire bar all softened by a Re per kg to Rs 405, Rs 399 and Rs 433.