Copper, other base metals remain weak on global cues

Weak conditions continued to prevail on the non-ferrous metals market today with prices of copper and nickel falling up to Rs 5 per kg largely in tandem with a weak trend at the London Metal Exchange.

Besides, slackened demand at spot markets from consuming industries also dampened the trading sentiments.

Marketmen said the fall in select base metal prices was mostly due to a weakening trend in overseas markets on renewed Eurozone worries and a fall in demand from consuming industries.

At the LME copper for three-month delivery fell one%, while nickel shed 0.80%.

However, the rupee declined to an all-time low of 54.46 to a dollar on increased global concerns and demand for the US dollar, which capped the decline in base metal prices today.

A weak rupee makes dollar-denominated commodities expensive for importers to purchase.