Base metals soften on lower global trend

Base metal prices fell by up to Rs 5 per kg in the local non-ferrous metal market today on stockists selling on reduced industrial demand amid weakening trend at London Metal Exchange. 

Sentiments turned bearish after copper, nickel and lead weakened at the London Metal Exchange on concerns that a slowdown in the global economy will trim demand for industrial metals.  

Meanwhile, copper for three-month delivery fell by 0.5% to $8,891, nickel shed 1.3% to $22,550 and lead dropped by 1.5% to $2,507 a tonne on the London Metal Exchange.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were down by Rs 2 each to Rs 504, Rs 527 and Rs 487, respectively, while nickel (4x4) followed suit and shed Rs 5 to 1,055-1,057 per kg.

Zinc ingot, lead ingot and lead imported were traded lower by Rs 2 each to Rs 132.50, Rs 141 and Rs 144 per kg, respectively. 

Following were today's quotations Rs per kg:

Tin ingot 841, zinc ingot 132.50, nickel plate (4x4) 1,055-1,057, gun metal scrap 226 bell metal scrap 228, copper wire scrap 504, copper wire bar 527, copper mixed scrap 487, Utensil scrap 224, Chadripital 175

Lead ingot 141, lead imported 144, aluminium ingots 110, sheet cutting 111, aluminium wire scrap 110 and aluminium utensils scrap 107