Base metals slide on selling pressure

Base metals prices dropped at the non-ferrous metal market here today due to sustained selling pressure by stockists amidst poor industrial offtake.

In London Metal Exchange, copper rose on short-term technical movement, though rest of the metals came under pressure after S&P's downgraded its outlook on US soverign debt.

Nickel prices tumbled by Rs 15 per kilo to Rs 1,315 from overnight closing level of Rs 1,330 and copper scrap heavy dipped by Rs 9 per kilo to Rs 455 as against Rs 464. 

Copper cable scrap, copper wire bar, copper sheet cutting and tin all declined by Rs 5 per kilo each to Rs 466, Rs 494, Rs 440 and Rs 1,635 respectively as compared to Rs 471, Rs 499, Rs 445 and Rs 1,640 previously. 

Copper armiture fell by Rs 4 per kilo to Rs 448 and copper utensils scrap by Rs 3 per kilo to Rs 424. Brass utensils scrap and brass sheet cuttings edged down by Rs 2 per kilo each to Rs 313 and Rs 320.