Base metals turn weak on lower global trend

Base metal prices fell up to Rs 5 per kg on the local non-ferrous metal market today, largely on a weak global trend.  

Reduced offtake by consuming industries further dampened trading sentiments.  

Sentiments turned bearish after copper declined in global markets, as debt problems in Europe and expectations that demand from China will weaken, curbed the appeal of metals.

Meanwhile, copper for three-month delivery dropped by 1.2 per cent to $8,192 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 442, Rs 466 and Rs 427, while nickel (4x4) lost Rs 5 to Rs 1,000-1,002 per kg.  

In line with a general firm trend, zinc ingot, lead ingot and lead imported were traded lower by Re 1 each to Rs 131.50, Rs 135 and Rs 137 per kg, respectively. 

Following were today's quotations in Rs per kg: 

Tin ingot 815, zinc ingot 131.50, nickel plate (4x4) 1,000-1,002, gun metal scrap 226 bell metal scrap 228, copper wire scrap 442, copper wire bar 466, copper mixed scrap 427, Utensil scrap 224, Chadripital 175

Lead ingot 135, lead imported 137, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102