Base metals weaken on global cues

Amid subdued demand and weak trend overseas, select base metal prices fell by up to Rs 5 per kg on the local non-ferrous metal market today.

Traders said besides a weakening global trend, reduced offtake by consuming industries mainly pulled down base metal prices.  

Trading sentiment remained bearish after copper slumped to an eight-month low in London on concern that Standard and Poor's downgrade of the US long-term credit rating may slowdown the global economy.

Meanwhile, copper for three-month delivery declined 3.8% to $8,446.25 a tonne.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were down up by Rs 2 each to Rs 510, Rs 533 and Rs 493 per kg, respectively.

Nickel (4x4) followed suit and traded lower by Rs 5 to Rs 1,053-1,055 per kg.

Following were today's quotations in Rs per kg:   

Tin ingot 835, zinc ingot 128.50, nickel plate (4x4) 1,053-1,055, gun metal scrap 226 bell metal scrap 228, copper wire scrap 510, copper wire bar 533, copper mixed scrap 493, Utensil scrap 224, Chadripital 175

Lead ingot 140, lead imported 143, aluminium ingots 110, sheet cutting 111, aluminium wire scrap 110 and aluminium utensils scrap 107