Base metals remain weak on global cues

Select base metals remained weak and prices fell further up to Rs 2 per kg in line with weakening trend in global markets, amid subdued demand from consuming industries.

Sentiments remained weak as copper prices declined at the London Metal Exchange (LME) on speculation the global recovery may slow amid renewed concern about Europe's credit crisis and weaker-than-expected US economic data.

Meanwhile, at the LME, three-month copper fell as much as 0.5% to $9,670 a metric tonne on the LME.   

In the national capital, copper wire crap, copper wire bar and copper mixed scrap were remained weak and shed another Rs 2 each to Rs 502, Rs 525 and Rs 486 per kg, respectively. 

Nickel (4x4) followed suit and traded lower by the same margin to Rs 1,045-1,047 per kg.  

In line with a firming trend, zinc ingot, lead ingot and lead imported traded lower by rupee one each to Rs 126.50, Rs 133 and Rs 135 per kg, respectively.

Following were today's quotations per kg:

Tin ingot 838, zinc ingot 126.50, nickel plate (4x4) 1,045-1,047, 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 133, lead imported 135, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102