Copper, nickel soften on global cues

Copper and nickel traded lower up to Rs 5 per kg on the local non-ferrous metal market today, largely in line with weakening trend at the London Metal Exchange (LME) after stronger dollar reduced appeal for commodities.

Sentiment turned bearish as copper declined in global markets as stockpiles expanded and renewed concern that Europe's debt crisis may hamper the global economic recovery hurt the outlook for demand.  

Meanwhile, copper for three-month-delivery  dropped one per cent to $9,005 and nickel lost 0.8 per cent to $24,350 a tonne on the LME.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained weak and prices fell by another Rs 2 each to Rs 458, Rs 482 and Rs 443, while nickel (4x4) lost Rs 5 to Rs 1,015-1,017 per kg. 

Following were today's quotations in Rs per kg:

Tin ingot 820, zinc ingot 130.50, nickel plate (4x4) 1,015-1,017, gun metal scrap 226 bell metal scrap 228, copper wire scrap 458, copper wire bar 482, copper mixed scrap 443, Utensil scrap 224, Chadripital 175

Lead ingot 134, lead imported 136, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102