Base metals fall on lower global trend

Select base metals, led by copper fell up to Rs 5 per kg in the wholesale local non-ferrous metals market today on emergence of selling, driven by a weakening trend at the London Metal Exchange.

Trading sentiment turned bearish after copper declined in overseas markets on concern Europe’s fiscal crisis is escalating after Fitch Ratings called the UK's fiscal challenge "formidable".

Traders said besides weakening trend at the London Metal Exchange, fresh offloading by stockists mainly led to a fall in base metal prices.

Meanwhile, copper for three-month dropped 0.3 per cent to $6,147 and nickel by 1.2 per cent to $18,250 a metric tonne on the London Metal Exchange.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were down by Rs 2 each to Rs 355, Rs 374 and Rs 334 per kg, respectively.

Nickel (4x4) followed suit and shed Rs 5 at Rs 880-994, while lead ingot and lead imported traded lower by rupee one each to Rs 118 and Rs 122 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 795, zinc ingot 122.00, nickel plate (4x4) 880-994, gun metal scrap 226 bell metal scrap 228, copper wire scrap 355, copper wire bar 374, copper mixed scrap 334.00, Utensil scrap 224, Chadripital 175

Lead ingot 119, lead imported 122, aluminium ingots 102, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100