Base metals soften on weak global cues

Prices of select base metals continued to decline for the third consecutive day, losing up to Rs 2 per kg on the local non-ferrous metal market today on increased selling by stockists influenced by a weakening trend at London Metal Exchange.

Trading sentiment remained weak after copper dropped in London on speculation that stockpiles of the metal may increase further, indicating that the demand may be weaker than expected.

Meanwhile, copper for three-month delivery dropped by 0.5 per cent to $9,485 a metric tonne on the LME.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained weak and lost Rs 2 each to Rs 508, Rs 531, and Rs 492 per kg, respectively.  

Zinc ingot, lead ingot and lead imported were also down by Rs 1 each to Rs 126.50, Rs 133 and Rs 135 per kg, respectively. 

Following were today's quotations per kg:

Tin ingot 833, zinc ingot 126.50, nickel plate (4x4) 1,051-1,053, gun metal scrap 226 bell metal scrap 228, copper wire scrap 508, copper wire bar 531, copper mixed scrap 492, 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