Base metal slides on global cues
Base metal prices drifted lower by up to Rs 3 per kg at the non-ferrous metals market Monday, tracking a weak trend overseas.
Traders said sentiment turned bearish after copper was delivery in three months at the London Metal Exchange (LME) was down 1.9 per cent at USD 5,861 per tonne on reports that US tariffs on USD 200 billion of Chinese goods could be imposed immediately, raising fears that demand for industrial metals will soften.
Also, the most-traded November copper contract on the Shanghai Futures Exchange slipped 1.4 per cent to 47,940 yuan (USD 6,977.86) a tonne.
In the national capital, copper mixed scrap and nickel plate (4x4) fell by Rs 2 and Rs 3 to Rs 445 and Rs 937-939 per kg, respectively.
Lead ingot and lead imported also shed Rs 2 each at Rs 150 and Rs 157 per kg, respectively.
Following are today's metal rates (in Rs per kg):
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