Copper and nickel prices fell up to Rs 5 per kg on the local non-ferrous metals market today in tune with weakening trend overseas amid reduced offtake by consuming industries.
Trading sentiment turned bearish as copper dropped from a two-week high in London after imports by China, the largest metals consumer, decreased in June, signaling that demand growth may be weakening.
Marketmen said besides weak global cues, reduced offtake by consuming industries also led to a fall in copper and nickel prices.
Meanwhile, copper for three-month delivery fell 1.2 per cent to $6,678.50 and nickel lost 1.2 per cent to $19,260 a metric tonne on the London Metal Exchange.
In the national capital, copper wire scrap, copper wire bar and copper mixed declined by Rs 2 each to Rs 365, Rs 384 and Rs 343 per kg, respectively.
Nickel (4x4) followed suit and lost Rs 5 to Rs 865-979 per kg.
Following were today's quotations in Rs per kg:
Tin ingot 795, zinc ingot 119.00, nickel plate (4x4) 865-979, gun metal scrap 226 bell metal scrap 228, copper wire scrap 365, copper wire bar 384, copper mixed scrap 343.00, Utensil scrap 224, Chadripital 175
Lead ingot 115, lead imported 118, aluminium ingots 100, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100
