Select base metals decline on global cues

Select base metals prices fell up to Rs 5 per kg on the local non-ferrous metal market today, in tandem with the weakening trend at the London Metal Exchange (LME).

Sentiment turned bearish after copper dropped from a record and zinc and nickel fell the most in a month in global markets, leading losses in base metals, as the recent rally in raw materials deterred purchases.

Meanwhile, copper for three-month fell 1.1 per cent, the most in two weeks, to $9,476 and nickel by 2.6 per cent to $24,500 a metric tonne on the LME.

Copper wire scrap, copper wire bar and copper mixed scrap were down by Rs 2 each to Rs 481, Rs 505 and Rs 466, respectively, while nickel (4x4) followed suit and shed Rs 5 to Rs 1,022-1,024 per kg, respectively.

In line with the general trend, zinc ingot, lead ingot and lead imported were down by Re 1 each to Rs 133.50, Rs 138 and Rs 140 per kg, respectively. 

Following were today's quotations in Rs per kg:

Tin ingot 820, zinc ingot 133.50, nickel plate (4x4) 1,022-1,024, gun metal scrap 226 bell metal scrap 228, copper wire scrap 481, copper wire bar 505, copper mixed scrap 466, Utensil scrap 224, Chadripital 175

Lead ingot 138, lead imported 140, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102