Select base metals remain weak on overseas trend

Select base metal prices declined by up to Rs 2 per kg in the local non-ferrous metal market today on sustained selling by stockists in tandem with a weakening global trend. 

Trading sentiment turned bearish as copper in London declined, on concern global economic growth may slow, damping demand for industrial metals.  

Meanwhile, copper for three-month delivery fell by 0.6% to $9,140.25, Zinc declined by 0.6% to $2,261 and tin shed one per cent to $27,220 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 shed Rs 2 each to Rs 510, Rs 533 and Rs 493 per kg, respectively.

Tin ingot and zinc ingot also traded lower by the same margin to Rs 848 and Rs 137.50 per kg, respectively. 

Following were today's quotations Rs per kg: 

Tin ingot 848, zinc ingot 137.50, nickel plate (4x4) 1,071-1,073, gun metal scrap 226 bell metal scrap 228, copper wire scrap 510, copper wire bar 533, copper mixed scrap 493, Utensil scrap 224, Chadripital 175

Lead ingot 145, lead imported 148, aluminium ingots 109, sheet cutting 110, aluminium wire scrap 110 and aluminium utensils scrap 107