Base metals fall on lower global trend
Base metals including copper fell by up to Rs 5 per kg in the local non-ferrous metal market today on emergence of selling by stockists in tandem with a weakening global trend.
Trading sentiments turned bearish as copper fell to a five-month low in London on fears of increase in interest rate in China, the world's largest industrial metals buyer.
Meanwhile, copper fell by 1.6% to $8,560, nickel shed 2.4% to $23,950 and tin declined by 1.9% to $28,560 a metric tonne on the London Metal Exchange.
In the national capital, copper wire scrap, copper wire bar and copper mixed scrap fell by Rs 5 each to Rs 503, Rs 526 and Rs 487 per kg, respectively.
Tin ingot and nickel (4x4) followed suit and traded lower by the same margin to Rs 845 and Rs 1,070-1,072 per kg, respectively.
Zinc ingot, lead ingot and lead imported were down by Rs 2 each to Rs 134.50, Rs 139 and Rs 141 per kg, respectively.
Following were today's quotations in Rs per kg:
Tin ingot 845, zinc ingot 134.50, nickel plate (4x4) 1,070-1,072, gun metal scrap 226, bell metal scrap 228, copper wire scrap 503, copper wire bar 526, copper mixed scrap 487, Utensil scrap 224, Chadripital 175
Lead ingot 139, lead imported 141, aluminium ingots 109, sheet cutting 110, aluminium wire scrap 110 and aluminium utensils scrap 107