Base metals decline on global jitters

Led by nickel, most base metals dropped at the non-ferrous metal market here today due to heavy offloading by stockists and traders, sparked by a steep fall in overseas market.

Trading sentiment turned weak after base metals at the London Metal Exchange slumped in overnight trade due to speculation that China may take strong steps to cool down rising inflation, traders said. 

Meanwhile, brass firmed up on good demand from consumer industries.

Nickel tanked by Rs 20 per kg to Rs 1,120 from Tuesday's closing level of Rs 1,140 and tin by Rs 15 per kg to Rs 1,280, as against Rs 1,295.

Copper armiture declined by Rs 9 per kg to Rs 374 from Rs 383 yesterday.

Copper cable scrap, copper scrap heavy, copper utensils scrap and copper wire bar, all fell by Rs 8 per kg each to Rs 393, Rs 386, Rs 355 and Rs 421, respectively.

Copper sheets cutting moved down by Rs 5 per kg to Rs 372. Zinc and lead both eased by Rs 4 per kg each to Rs 124 and Rs 108. 

However, brass utensils scrap rose by Rs 4 per kg to Rs 268 from yesterday's closing level of Rs 264 and brass sheets cutting edged up by Rs 2 per kg to Rs 276 from Rs 274.