Base metals decline on global cues

Base metals declined in an otherwise dull non-ferrous metal market here today on subdued stockists demand on the back of falling trend in London Metal Exchange (LME).

The industrial metals fell in LME tracking worries over Chinese moves to curb inflation by further tightening of interest rates and trim down lending, which would reverse demand for raw materials.

Nickel and tin prices dropped by Rs 10 per kilo each to Rs 1,340 and Rs 1,590 from last weekend's closing level of Rs 1,350 and Rs 1,600.

Copper sheet cutting slipped by Rs 4 per kilo to Rs 443 as compared to Rs 447 last Saturday. Copper utensils scrap moved down by Rs 3 per kilo to Rs 426 from Rs 429 previously.

Copper cable scrap, copper armiture and copper wire bar all edged down by Rs 2 per kilo each to Rs 470, Rs 450 and Rs 498.  

Copper scrap heavy, brass utensils scrap and brass sheet cutting softened by a rupee per kilo each to Rs 462, Rs 312 and Rs 321 respectively.