Base metals drop on global weakness
Most of the base metals dropped further at the non-ferrous metal market here today due to sustained stockists selling as well as subdued industrial offtake impacted by bearish overseas trend.
On the other hand, copper utensils scrap and zinc gained on improved demand from consumers industries.
The industrial metals remained weak and traded direction less at the London Metal Exchange (LME) on growing concerns about monetary tightening in China and renewed worries over Greece's debt amid strengthening dollar valuations.
Tin fell sharply by Rs 15 to Rs 1,515 per kilo from its overnight closing level of Rs 1,530 and copper sheets cutting dipped by Rs 6 per kilo to Rs 432 as compared to Rs 438 previously.
Nickel declined by Rs 5 to Rs 1,260 a kilo, brass utensils scrap by Rs 4 to Rs 304 per kilo and brass sheets cutting moved down by Rs 3 to Rs 312 a kilo.
Copper scrap heavy, copper armiture and aluminium utensils scrap, all edged down by Rs 2 per kilo each to Rs 449, Rs 440 and Rs 107, respectively. Lead also softened by a rupee per kilo to Rs 124.
However, copper utensils scrap rose by Rs 6 per kilo to Rs 421 and zinc inched up by a rupee per kilo to Rs 124.