Copper remains weak on lower global trend

Copper prices continues to decline for second consecutive day and shed another Rs two per kg in the local non-ferrous metal market today on weakening global trend.

Traders said besides weakening global trend, subdued demand from consuming industries pushed the copper prices down.

Selling pressure in copper gathered momentum as copper declined in global markets on concern of rising energy costs, driven by unrest in Libya and other states in the Middle East.

Meanwhile, copper for three-month-delivery fell 0.5 per cent to $9,863.75 a metric tonne on the London Metal Exchange.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained weak and fell by Rs two each to Rs 516, Rs 539, and Rs 500 per kg, respectively.

Following were today's quotations per kg: 

Tin ingot 838, zinc ingot 129.50, nickel plate (4x4) 1,063-1,065, gun metal scrap 226 bell metal scrap 228, copper wire scrap 516, copper wire bar 539, copper mixed scrap 500, Utensil scrap 224, Chadripital 175

Lead ingot 136, lead imported 138, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102