Select base metals decline on global cues

Select base metals, led by copper declined up to Rs 2 per kg on the local non-ferrous metal market today on fresh off-loading by stockists on the back of weakening trend at London Metal Exchange (LME).

Trading sentiment turned bearish as copper in London fell, after China stepped up measures to cool its economy and the dollar strengthened.  

Meanwhile, copper for three-month delivery declined 0.4 per cent to $9,613.25 a tonne on the LME. Besides, reduced offtake by consuming industries further fueled the downtrend. 

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were traded lower by Rs 2 each to Rs 474, Rs 497 and Rs 458, while nickel (4x4) traded by the same margin to Rs 1,015-1,017 per kg, respectively.

In line with a general weakening trend, zinc ingot, lead ingot and lead imported were weakened by Re 1 each to 131.50, 136 and Rs 138 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 820, zinc ingot 131.50, nickel plate (4x4) 1,015-1,017, gun metal scrap 226 bell metal scrap 228, copper wire scrap 474, copper wire bar 497, copper mixed scrap 458, 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