Base metals prices melt on global cues, subdued demand

Copper and other base metals' prices today traded up to Rs 20 per kg lower at the non-ferrous metals market on subdued demand from consuming industries.    

Trading sentiments turned weak after the entire base metals pack traded sharply lower at the London Metal Exchange on slowdown in Chinese economy, which is worlds' largest consumer of metals, and on concerns of Eurozone debt.

Meanwhile, copper for three-month delivery fell by $100, or 1.49 per cent, to $6,600 per tonne at the London Metal Exchange, while traded 470 yuan, or 0.87 per cent, down at 53,260 yuan per tonne at Shanghai.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were down by Rs 5 each to Rs 351, Rs 370 and Rs 330, respectively, while nickel (4x4) lost Rs 20 at Rs 865-979 per kg.

Zinc ingot, lead ingot and lead imported also traded lower by Rs 2 each to Rs 115, Rs 115 and Rs 117 per kg, respectively.

Following were today's quotations Rs per kg:

Tin ingot 790, zinc ingot 115.00, nickel plate (4x4) 865-979, gun metal scrap 226 bell metal scrap 228, copper wire scrap 351, copper wire bar 370, copper mixed scrap 330.00, Utensil scrap 224, Chadripital 175

Lead ingot 115, lead imported 117, aluminium ingots 97,sheet cutting 98, aluminium wire scrap 97 and aluminium utensils scrap 96.