Copper, nickel decline on global cues

Copper and nickel prices declined up to Rs 5 per kg on the local non-ferrous metal market today, due to sluggish demand from consuming industries amid weakening global trend.

Trading sentiments remained bearish as copper declined to near a two-month low in global markets as imports by China, the world's biggest user, tumbled in February and higher oil prices spurred concern that the global economy may slow down, reducing demand for metals.

Meanwhile, copper for delivery in three months dropped 0.4% to $9,236.25 and nickel by 0.2% to $26,100 a tonne on the London Metal Exchange.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained weak and prices fell further by Rs 2 each to Rs 506, Rs 529, and Rs 490 per kg, respectively.

Nickel (4x4) followed suit and lost Rs 5 to Rs 1,046-1,048 per kg.

Following were today's quotations per kg:

Tin ingot 833, zinc ingot 126.50, nickel plate (4x4) 1,046-1,048, gun metal scrap 226 bell metal scrap 228, copper wire scrap 506, copper wire bar 529, copper mixed scrap 490, 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.