Base metals soften on bearish global cues

Led by tin, most of the base metals declined modestly at the non-ferrous metal market here today due to subdued industrial demand as well as lower stockists buying in view of a bearish sentiment at the London Metal Exchange (LME).

Meanwhile, copper sheets cutting moved up slightly on good industrial offtake.    

Tin dropped by Rs 10 per kilo to Rs 1,405 from last weekend's closing level of Rs 1,415 and nickel fell by Rs 5 per kilo to Rs 1,195 as against Rs 1,200 previously. 

Brass sheets cutting fell by Rs 4 per kilo to Rs 301 from Rs 305.

Copper cable scrap, copper wire bar and aluminium utensils scrap moved down by Rs 2 per kilo each to Rs 443, Rs 471 and Rs 103.

Copper scrap heavy, copper armiture, copper utensils scrap, brass utensils scrap and zinc all looked down by a rupee per kilo each to Rs 435, Rs 425, Rs 398, Rs 294 and Rs 132 respectively.

However, copper sheets cutting inched up by a rupee per kilo to Rs 421.