Select base metals decline on lower global trend

Select base metals declined up to Rs 2 per kg in the local non-ferrous metal market today on fall in demand at existing higher levels amid weakening global trend.    

Sentiment turned bearish as copper in London and New York dropped from records ahead of data this week that may show imports by China, the world’s biggest buyer, declined last month amid ample domestic stockpiles.

Meanwhile, copper for three-month delivery dropped 0.8 per cent to $9,970 a metric tonne, after reaching a record of $10,160 a tonne yesterday. 

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were down by Rs 2 each to Rs 516, Rs 539 and Rs 500 per kg, respectively.

Zinc ingot, lead ingot and lead imported were also traded lower by rupee one each to Rs 132.50, Rs 137 and 139 per kg, respectively.

Following were today's quotations in Rs per kg: 

Tin ingot 840, zinc ingot 132.50, nickel plate (4x4) 1,057-1,059, gun metal scrap 226 bell metal scrap 228, copper wire scrap 516, copper wire bar 539, copper mixed scrap 500, Utensil scrap 224, Chadripital 175

Lead ingot 137, lead imported 139, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102