Copper turns weak on global cues

Copper turned weak and prices fell by Rs 2 per kg on the local non-ferrous metal market today largely in line with a weak trend at the London Metal Exchange (LME).

Fall in demand from consuming industries also kept pressure on the copper prices.

Sentiment in copper turned bearish after copper dropped in London, as China’s economy grew at the slowest pace in a year in the third quarter. Meanwhile, copper for the three-month delivery  fell 0.3 per cent to $8,311.50 a metric tonne on the LME.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap lacked necessary follow up support and shed Rs 2 each to Rs 428, Rs 447 and Rs 408 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 815, zinc ingot 125.50, nickel plate (4x4) 975-977, gun metal scrap 226 bell metal scrap 228, copper wire scrap 428, copper wire bar 447, copper mixed scrap 408, Utensil scrap 224, Chadripital 175

Lead ingot 127, lead imported 129, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102