Base metals drop on global cues, reduced demand

Prices of most base metals, including copper, brass, zinc, lead, tin and nickel, fell at the non-ferrous metal market here today on heavy stockists selling amid reduced demand from industrial users on the back of bearish global cues.
Globally, traders attributed the fall in copper and nickel prices to a weak trend in base metals at the LME after China devalued its currency against the dollar amid worries over slowing growth in the world's second largest economy.
Tin plunged by Rs 35 per kg to Rs 1,105 from Wednesday's closing level of Rs 1,140.
Nickel fell by Rs 10 per kg to Rs 700 from Rs 710.

Copper cable scrap, copper scrap heavy and copper wire bar declined by Rs 5 per kg each to Rs 375, Rs 370 and Rs 403 from Rs 380, Rs 375 and Rs 408.
Copper utensils scrap and Copper sheet cutting slipped by Rs 4 per kg each to Rs 345 and Rs 362 from Rs 349 and Rs 408. Copper armiture and brass utensils scrap eased by Rs 3 per kg each to Rs 366 and Rs 273 from Rs 369 and Rs 276.
Zinc moved down by Rs 2 per kg to Rs 140 from Rs 142.
Brass sheet cutting and lead softened by Re 1 per kg each to Rs 280 and Rs 122.