Base metals remain weak on global cues

Base metals including copper, remained weak and traded up to Rs 2 per kg on the local non-ferrous metal market today, due to sustained selling by stockists on subdued industrial demand amid weakening global trend.

Trading sentiments remained bearish as copper fell to 1-week low in global markets as industrial metals dropped on concerns that conflict in Libya and Middle East unrest may sustain an oil rally, curbing the economic recovery and hurting demand. 

Meanwhile, copper for three-month-delivery dropped 0.9 per cent to $9,415.25 a tonne on the London Metal Exchange.  

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained under selling pressure and shed another Rs 2 each to Rs 510, Rs 533, and Rs 494 per kg and nickel (4x4) traded lower by same margin to Rs 1,051-1,053 per kg, respectively.

Zinc ingot, lead ingot and lead imported were also traded lower by Rs one each to Rs 127.50, Rs 134 and Rs 136 per kg.

Following were today's quotations per kg:

Tin ingot 833, zinc ingot 127.50, nickel plate (4x4) 1,051-1,053, gun metal scrap 226 bell metal scrap 228, copper wire scrap 510, copper wire bar 533, copper mixed scrap 494, Utensil scrap 224, Chadripital 175

Lead ingot 134, lead imported 136, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102