Base metals slide further on global recession fears

Base metals pack continues its meltdown in futures trading on increased selling by speculators largely on growing recession fears.     

Copper, for the most-active November delivery remained in negative zone and fell by another 1.50% at Rs 191.15/Kg on the Multi Commodity Exchange, while far-month February contract dropped 1.67% at Rs 194.50/Kg.     

Marketmen said tumbling base metal prices at London Metal Exchange and mounting LME-monitored inventories were also putting pressure on the base metal futures prices here.     

At the London Metal Exchange, which is the benchmark for base metals, copper for delivery in three months slid as much as three per cent to $3,661/tonne, while zinc lost over six per cent at $8,840/tonne.     

Zinc, in line with other base metals, recorded further losses.

October contract fell sharply by three%t at Rs 54.60/Kg, while November contract down by 1.95% at Rs 57.10/Kg.