Business Standard

Base metals fall on subdued industrial demand, global cues

Press Trust of India  |  Mumbai 

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Heightening fears over economic slowdown across the globe on concerns over disappointing US jobs data pulled down industrial metal in the overseas, overlapped the domestic sentiment, traders said.

Nickel plunged by Rs 20 per kg to Rs 1,060 from Saturday's closing level of Rs 1,080.

Copper scrap heavy slid by Rs 9 per kg to Rs 466 from Rs 475 and copper armiture declined by Rs 6 per kg to Rs 460 from Rs 466.

Copper sheet cutting went down by Rs 5 per kg to Rs 455 from Rs 460 and copper cable scrap, copper utensils scrap and copper wire bar all moved down by Rs 4 per kg each to Rs 475, Rs 436 and Rs 503 from Rs 479, Rs 440 and Rs 507 respectively.

Brass utensils scrap looked down by Rs 3 per kg to Rs 315 from Rs 318 and aluminium utensil scrap eased by Rs 2 per kg to Rs 112 from Rs 114.

Brass sheet cutting and zinc both softened by a rupee per kg each to Rs 323 and Rs 129.

  

Base metals fall on subdued industrial demand, global cues

Led by nickel, most of the base metals fell at the non-ferrous metal market here today on hectic stockist selling amidst subdued industrial demand on the back of a weakening global trend.

Heightening fears over economic slowdown across the globe on concerns over disappointing US jobs data pulled down industrial metal in the overseas, overlapped the domestic sentiment, traders said.

Nickel plunged by Rs 20 per kg to Rs 1,060 from Saturday's closing level of Rs 1,080.

Copper scrap heavy slid by Rs 9 per kg to Rs 466 from Rs 475 and copper armiture declined by Rs 6 per kg to Rs 460 from Rs 466.

Copper sheet cutting went down by Rs 5 per kg to Rs 455 from Rs 460 and copper cable scrap, copper utensils scrap and copper wire bar all moved down by Rs 4 per kg each to Rs 475, Rs 436 and Rs 503 from Rs 479, Rs 440 and Rs 507 respectively.

Brass utensils scrap looked down by Rs 3 per kg to Rs 315 from Rs 318 and aluminium utensil scrap eased by Rs 2 per kg to Rs 112 from Rs 114.

Brass sheet cutting and zinc both softened by a rupee per kg each to Rs 323 and Rs 129.

  
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