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Select base metals decline on subdued demand

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Press Trust of India Mumbai

Select base metals declined at the non-ferrous metal market here today due to subdued stockist demand amid lower industrial offtake despite firm London Metal Exchange (LME) advices. 

Meanwhile, copper cable scrap, copper wire bar and brass prices moved up slightly on better support from consumer industries. 

The industrial metals rose at LME on strong Chinese demand for the metals encouraged the market sentiment.   

Nickel prices dropped by Rs 10 per kilo to Rs 1,220 from last Saturday's closing level of Rs 1,230 and copper utensils scrap edged down by Rs 2 per kilo to Rs 424 as against Rs 426 previously.  

 

Copper armuiture, copper sheet cutting and zinc all softened by a rupee per kilo each to Rs 450, Rs 445 and Rs 124, respectively. 

However, copper cable scrap, copper wire bar and brass sheet cutting all inched up by a rupee per kilo each to Rs 473, Rs 501 and Rs 316.

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First Published: Jul 11 2011 | 5:48 PM IST

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