Copper and other base metals remained weak for the third day by losing up to Rs 2 per kg in the local non-ferrous metal market today in tandem with a weak trend at the London Metal Exchange.
Trading sentiment remained weak after copper declined in London on concern China's property market may slump further, reducing demand for the metal, after banks were ordered to conduct more stress tests to gauge the effect of a price drop of as much as 60 per cent.
Meanwhile, copper for the three-month delivery fell 0.9 per cent to $7,437 and nickel by 0.5 per cent to $21,840 a metric tonne on the London Metal Exchange.
Marketmen said increased selling by stockists due to reduced offtake by consuming industries amid weakening trend at the London Metal Exchange.
In the national capital, copper wire scrap, copper wire bar and copper mixed scrap slipped further by Rs 2 each to Rs 373, Rs 392 and Rs 351, while zinc ingot, lead ingot and lead imported were down by rupee one each at Rs 116.50, Rs 113.50 and Rs 116.50 per kg.
Nickel (4x4) also seen in negative zone with a loss of Rs 2 to Rs 880-994 per kg.
Following were today's quotations in Rs per kg:
Tin ingot 795, zinc ingot 116.50, nickel plate (4x4) 880 -994, gun metal scrap 226 bell metal scrap 228, copper wire scrap 373, copper wire bar 392, copper mixed scrap 351.00, Utensil scrap 224, Chadripital 175
Lead ingot 113.50, lead imported 116.50, aluminium ingots 100, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100
