Base metals fall on weak global cues

Prices of base metals fell by up to Rs 5 per kg on the wholesale market here today on emergence of selling sparked by a weakening global trend.

Trading sentiment turned bearish after copper tumbled in overseas markets, sending the metals into a bear market, after a report showed US employers hired fewer workers than expected last month, reviving concern that the global recovery will slow.

Meanwhile, copper for delivery in three months fell 3.8 per cent to $6,280, Zinc fell 6 per cent to $1,641 nickel by 3.9 per cent to $17,950 and tin plummeted 9.4 per cent in last night trading on the London Metal Exchange.

Copper wire scrap, copper wire bar and copper mixed scrap were down by Rs 5 each to Rs 360, Rs 379 and Rs 339  and Nickel (4x4) traded lower by the same margin at Rs 890-1,004 per kg. Tin ingot too lost Rs 5 at Rs 795 per kg.

In line with a general weakening trend, zinc ingot, lead ingot and lead imported declined by Rs two each to Rs 125, Rs 123 and Rs 126 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 795, zinc ingot 125.00, nickel plate (4x4) 890-1,004, gun metal scrap 226 bell metal scrap 228, copper wire scrap 360, copper wire bar 379, copper mixed scrap 339.00, Utensil scrap 224, Chadripital 175.

Lead ingot 123, lead imported 126, aluminium ingots 102, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100.