| Base metals down on poor global cues | |
| Press Trust of India / New Delhi Aug 31, 2010, 16:39 | | | | | |
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 Prices of select base metals, led by copper, plunged up to Rs 10 per kg in the local non-ferrous metal market today after taking cues from weak global markets.
Trading sentiment turned bearish after base metals softened on the London Metal Exchange, as slower-than-forecast growth in US personal incomes added to speculation the pace of economic recovery in the world's second-largest user of copper after China may falter.
Meanwhile, copper fell by 0.8 per cent to $7,400, lead by 1.6 per cent at $2,057 and zinc by 0.8 per cent to $2,077.50 a metric tonne on the London Metal Exchange.
Reduced offtake by consuming industries also put pressure on the prices traders said.
In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were down by Rs 2 each to Rs 386, Rs 405 and Rs 366, while nickel (4x4) followed suit and plunged by Rs 10 to Rs 900-904 per kg, respectively.
In line with a weakening trend, zinc, lead ingot and lead imported were down by Rs 2 each to Rs 118.50, Rs 121 and Rs 123 per kg, respectively.
Following were today's quotations in Rs per kg:
Tin ingot 810, zinc ingot 118.50, nickel plate (4x4) 900-904, gun metal scrap 226 bell metal scrap 228, copper wire scrap 386, copper wire bar 405, copper mixed scrap 366.00, Utensil scrap 224, Chadripital 175
Lead ingot 121, lead imported 123, aluminium ingots 100, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100
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