Base metals fall on lower global trend

Base metals prices, led by copper, declined upto Rs two per kg in the local non-ferrous metal market today on reduced offtake by consuming industries amid weakening global trend.

Trading sentiments turned bearish after copper dropped in London and New York on concern that demand in China, the largest user, may not be as robust as estimated since physical buyers held  off purchases in anticipation of lower prices. 

Meanwhile, copper for three-month delivery fell by 0.9 per cent to $9,795 a tonne on the London Metal Exchange.

In the national capital, copper wire scrap, copper wire bar, and copper mixed scrap remained weak and shed another Rs two each to Rs 520, Rs 543, and Rs 504 per kg, respectively.

Zinc ingot, lead ingot, and lead imported were also traded lower by rupee one each to Rs 129.50, Rs 136, and Rs 138 per kg, respectively.

Following were today's quotations per kg:

Tin ingot 838, zinc ingot 129.50, nickel plate (4x4) 1,063-1,065, gun metal scrap 226 bell metal scrap 228, copper wire scrap 520, copper wire bar 543, copper mixed scrap 504, Utensil scrap 224, Chadripital 175

Lead ingot 136, lead imported 138, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102