Select base metals slide on global cues, low demand

Select base metal prices drifted lower by Rs 2 kg per kg at the non-ferrous metals market today tracking a weak trend overseas.

Besides, easing demand from consuming industries at domestic spot market, weighed on prices.

Traders said sentiment turned bearish on the back of a weak trend overseas where London copper slipped as investors shrugged off a potential strike at the world's largest copper mine and focused instead on a raft of economic reports that may indicate slowing growth in top metals consumer China.

Shanghai Futures Exchange copper eased 0.2 per cent to 49,950 yuan (USD 7,306) a tonne.

In the national capital, copper mixed scrap and zinc ingot fell by Rs 2 each to Rs 440 and Rs 137-143 per kg, respectively. Lead ingot and lead imported were also enquired lower by Rs 2 each to Rs 142 and Rs 149 per kg, respectively.

 

Following are today's metal rates (in Rs per kg):

Zinc ingot Rs 137-143, nickel plate (4x4) Rs 912-915, gun metal scrap Rs 227, bell metal scrap Rs 229, copper mixed scrap Rs 440, chadri deshi Rs 295.

Lead ingot Rs 142, lead imported Rs 149, aluminium ingots Rs 168, aluminium sheet cutting Rs 164, aluminium wire scrap Rs 164 and aluminium utensils scrap Rs 162.