Base metals drift on lower demand, global cues

Most base metals drifted further at the non-ferrous metal market here today on sustained selling by stockists as well as lower industrial demand amid bearish global cues.
Meanwhile, tin recovered modestly owing to renewed demand from alloy industries.
On the global front, industrial metal copper slipped back towards six-year lows hit in the previous session in early trade at the LME after factory reports in China and the US stoked worries about global growth, dragging on most metals.
Nickel dropped by Rs 10 per kg to Rs 860 from Monday's closing level of Rs 870 and brass utensils scrap fell by Rs 7 per kg to Rs 289 from Rs 296.

Copper sheet cutting slid by Rs 5 per kg to Rs 370 from overnight close of Rs 375.
Copper armiture and copper utensils scrap declined by Rs 4 per kg each to Rs 378 and Rs 356 as compared to Rs 382 and Rs 360 yesterday.

Copper cable scrap, copper wire bar, brass sheet cutting moved down by Rs 2 per kg each to Rs 399, Rs 419, Rs 305 as against Rs 401, Rs 421 and Rs 307, respectively.
Copper scrap heavy also softened by a Re per kg to Rs 392.
However, tin rose by Rs 5 per kg to Rs 1,180 from its last close of Rs 1,175.