Base metals soften on weak global cues

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

Marketmen said sentiments turned bearish as copper declined in London and New York on concerns that China, the world's biggest metals consumer, may take further steps to cool price gains, curbing demand for commodities.

Meanwhile, copper for three-month delivery dropped 1.3 per cent to $8,535, zinc by 2.4 per cent to $2,281 and lead by 1.4 per cent to $2,420 a metric tonne on the London Metal Exchange.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were met with resistance and declined by Rs 2 each to Rs 441, Rs 465 and Rs 426 while while nickel (4x4) by by the same margin to Rs 1,000-1,002 per kg respectively.

In line with a general weak trend, zinc ingot, lead ingot and lead imported were down by Rs 2 each to Rs 129.50,Rs 133 and Rs 135 while tin ingot lost  Rs 5 to Rs 815 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 815, zinc ingot 129.50, nickel plate (4x4) 1,000-1,002, gun metal scrap 226 bell metal scrap 228, copper wire scrap 441, copper wire bar 465, copper mixed scrap 426, Utensil scrap 224, Chadripital 175

Lead ingot 133, lead imported 135, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102