Base metals weaken on global trend

Prices of select base metals fell by up to Rs 5 per kg in the wholesale non-ferrous metal market today on fall in demand at prevailing high levels amid weakening global trend. Fall in industrial demand also kept pressure on select base metal prices.   

Sentiments turned weak as base metals led by copper dropped from London to Shanghai on concerns over monetary tightening in China and a stronger dollar.

Meanwhile, copper for three-month delivery fell by 0.9% to $8,965, lead shed one per cent to $2,555 and nickel lost 0.3% to $22,075 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 each to Rs 503, Rs 526 and Rs 486, respectively, while nickel (4x4) followed suit and shed Rs 5 to Rs 1,040-1,042 per kg.

Lead ingot and imported and zinc ingot were traded lower by Re one each to Rs 140 and Rs 143 and Rs 130.50 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 841, zinc ingot 130.50, nickel plate (4x4) 1,040-1,042, gun metal scrap 226 bell metal scrap 228, copper wire scrap 503, copper wire bar 526, copper mixed scrap 486, 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