Copper remains weak on reduced offtake

Copper prices remained weak and shed another Rs 2 per kg in the local non-ferrous metal market today on reduced offtake by consuming industries amid weakening trend at London Metal Exchange (LME).

Other base metals, however, held steady in the absence of worthwhile activity.

Traders said reduced offtake by consuming industries amid a weak trend at LME led to decline in copper prices.

Meanwhile, copper for three-month delivery dropped 0.7% to $9,130 a metric tonne on the LME.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained under selling pressure and shed Rs 2 each to Rs 504, Rs 527, and Rs 488 per kg, respectively.

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 504, copper wire bar 527, copper mixed scrap 488, 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.