Base metals weaken on global cues

Base metals, including copper, traded lower by up to Rs 2 per kg in the local non-ferrous metal market today on the back of a weakening global trend amid subdued domestic demand.

Traders said sentiment turned bearish on concerns that demand may be hit after copper declined in Shanghai as China, the world's largest metal user, asked banks to set aside more cash for a third time this year to help tame surging inflation.  

Meanwhile, copper for delivery in June lost 0.7 per cent to 71,310 yuan ($10,863) per metric tonne on the Shanghai Futures Exchange.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap shed Rs 2 each to Rs 502, Rs 525 and Rs 486, respectively. Nickel (4x4) followed suit and moved down by the same margin to Rs 1,044-1,046 per kg.

Zinc ingot, lead ingot and lead imported also traded lower by a rupee each to Rs 126.50, Rs 133 and Rs 135 per kg. 

Following were today's quotations per kg:

Tin ingot 833, zinc ingot 126.50, nickel plate (4x4) 1,044-1,046, gun metal scrap 226 bell metal scrap 228, copper wire scrap 502, copper wire bar 525, copper mixed scrap 486, 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