Base metals remain weak on global cues

Base metals remained weak for the second straight day and prices fell by up to Rs 5 per kg on the local non-ferrous metal market today due to sustained selling by stockists, amid a weak global trend.   

Trading sentiments remained bearish after copper declined in global markets on demand concerns following last week's devastating earthquake in Japan.   

Meanwhile, copper for three-month delivery dropped 1.3 per cent to $9,071.50 a tonne on the London Metal Exchange. 

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were remained under selling pressure and shed another Rs 2 each to Rs 502, Rs 525, and Rs 486 per kg, respectively, while nickel (4x4) and tin ingot lost Rs 5 each to Rs 1,036-1,038 and Rs 828 per kg.  

Zinc ingot, lead ingot and lead imported were also declined by Rs 2 each to Rs 123.50,Rs 130 and Rs 132 per kg, respectively.

Following were today's quotations per kg:

Tin ingot 828, zinc ingot 123.50, nickel plate (4x4) 1,036-1,038, gun metal scrap 226 bell metal scrap 228, copper wire scrap 502, copper wire bar 525, copper mixed scrap 486, Utensil scrap 224, Chadripital 175

Lead ingot 130, lead imported 132, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102