Base metals fall on global cues

Most of the base metals dropped in an otherwise lacklustre non-ferrous metal market here today on hectic selling by stockists amid bearish sentiment from London Metal Exchange (LME).  

Meanwhile, lead edged up on slight demand from consumer industries. 

The industrial metals declined at the LME on stronger dollar on the back of news that China may further tighten credit policy.

Nickel prices dipped by Rs 13 per kg to Rs 1,195 from last Saturday's closing level of Rs 1,208 and tin slid by Rs 5 per kg to Rs 1,395 as against Rs 1,400 previously.

Copper sheet cutting lost Rs 4 per kg to Rs 434 from last weekends closing level of Rs 438. Copper cables scrap, copper scrap heavy and copper wire bar all moved down by Rs 2 per kg each to Rs 458, Rs 450 and Rs 486.  

Copper armiture and copper utensils scrap both softened by a rupee per kg each to Rs 440 and Rs 419. However, lead gained Rs 2 per kg to Rs 125 from Rs 123 previously.