Base metals weak on sluggish industrial demand

Base metals prices fell further by up to Rs 5 per kg in the local non-ferrous metal market today owing to sluggish industrial demand amid weakening global trend.

Trading sentiments turned weak as copper fell in London after the Greek debt crisis fanned speculation of a slowdown in growth and demand for industrial metals.

Meanwhile, copper fell by 0.9% to $9,072 and tin retreated by 1.4% to $24,800 a tonne on the London Metal Exchange.

Besides, sluggish industrial demand also weighed down on base metal prices.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained under selling pressure and shed another Rs 2 each to Rs 502, Rs 525 and Rs 485 per kg, respectively. 

Tin ingot and nickel (4x4) followed suit and traded lower by Rs 5 each to Rs 836 and Rs 1,053-1,055 per kg, respectively. 

In line with a general weakening trend, zinc ingot, lead ingot and lead imported were enquired lower by rupee one each to Rs 131.50, Rs 141 and Rs 144 per kg, respectively. 

Following were today's quotations in Rs per kg:

Tin ingot 836, zinc ingot 131.50, nickel plate (4x4) 1,053-1,055, gun metal scrap 226, bell metal scrap 228, copper wire scrap 502, copper wire bar 525,copper mixed scrap 485, 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