Base metals down on weak global cues

Copper and other base metal prices fell up to Rs 5 per kg on the local non-ferrous metal market today largely in tandem with a weak trend at the London Metal Exchange. 

Marketmen said sentiments turned weak after the entire base metals pack weakened in global markets on concern that China may step up measures to tighten economic policy, which will curb demand for the industrial metals.

Meanwhile, copper for three-month delivery fell by 2.3 per cent to $8,625 a metric tonne on the London Metal Exchange, while Shanghai futures declined by the daily 5 per cent limit to 65,640 yuan ($9,899) a tonne.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap met with selling pressure and lost Rs 5 each to Rs 446,Rs 470  and Rs 431, while nickel (4x4) traded lower by the same margin to Rs 1,002-1,004 per kg.

Zinc ingot, lead ingot and lead imported were traded lower by Re one each to Rs 131.50, Rs 135 and Rs 137 per kg.

Following were today's quotations in Rs per kg: 

Tin ingot 820, zinc ingot 131.50, nickel plate (4x4) 1,002-1,004, gun metal scrap 226 bell metal scrap 228, copper wire scrap 446, copper wire bar 470, copper mixed scrap 431, Utensil scrap 224, Chadripital 175

Lead ingot 135, lead imported 137, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102