Base metals ease on global cues

Most of the base metals eased at the non-ferrous metal market here today subdued offtake from stockists amidst a bearish trend at the London Metal Exchange (LME).

Metals in LME reacted in its overnight trade after China raised interest rates to contain inflation.

Meanwhile, copper sheet cutting, brass utensils scrap and aluminium utensils scrap prices edged up on better demand from consumer industries.

Nickel prices fell by Rs 5 per kilo to Rs 1,360 from overnight closing level of Rs 1,365 and copper wire bar declined by Rs 4 per kilo to Rs 502 as against Rs 506 previously.

Copper cable scrap, copper scrap heavy and brass sheet cutting all edged down by Rs 2 per kilo each to Rs 474, Rs 464 and Rs 320 respectively.

Copper utensils scrap and zinc softened by a rupee per kilo each to Rs 425 and Rs 134. However, Copper sheet cutting and brass utensils scrap both moved up by Rs 2 per kilo each to Rs 448 and Rs 312.

Aluminium utensils scrap inched up by a rupee per kilo to Rs 107.