Base metals drops on bearish global valuation

Base metals dropped sharply at the non-ferrous metal market here today on the back of hectic sell-off by stockists and traders sparked by a bearish overseas trend.

Trading sentiment turned weak on the domestic trade, after the overnight slide in the entire base metals at the London Metal Exchange (LME), prompting traders to offload heavily, traders said. 

Nickel tanked by Rs 15 per kilo to Rs 1,115 from Monday's closing level of Rs 1,130 and tin by Rs 10 per kilo to Rs 1,280, as against Rs 1,290 previously.

Copper scrap heavy declined by Rs 9 per kilo to Rs 385 from Rs 394 yesterday.

Copper cable scrap and copper wire bar both lost Rs 7 per kilo each to Rs 391 and Rs 419, as compared with Rs 398 and Rs 426 respectively. 

Copper armiture and copper sheets cutting fell by Rs 6 per kilo each to Rs 376 and Rs 372 and copper utensils scrap moved down by Rs 4 per kilo to Rs 358. 

Brass utensils scrap and brass sheets cutting eased by Rs 2 per kilo each to Rs 263 and Rs 272. Zinc and Lead softened by a rupee per kilo each to Rs 125 and Rs 108.