Base metals decline on lower demand

The industrial metals gained at the LME, though traders were cautious amid disppointing European Central Bank inaction as well as renewed concerns over global growth.

Nickel dropped by Rs 10 per kg to Rs 1,060 from Wednesday's closing level of Rs 1,070 and Copper scarp heavy fell by Rs 6 per kg to Rs 469 from Rs 475.

Copper cable scrap, copper wire bar and tin slipped by Rs 5 per kg each to Rs 479, Rs 507 and Rs 1,250 from Rs 484, Rs 512 and Rs 1,255 previously.

Copper armiture and copper sheet cutting slid by Rs 4 per kg each to Rs 464 and Rs 459 from Rs 468 and Rs 463.

Copper utensils scrap and brass utensils scrap declined by Rs 3 per kg each to Rs 439 and Rs 315 from Rs 442 and Rs 317.

However, lead inched up by a rupee per kg to Rs 123.