Base metals drop on lower demand, rupee rebound

Base metals dropped at the non- ferrous metal market here today on heavy stockist selling amidst lower demand from industrial users following rebound in rupee value.
The industrial metals was set to wrap up its biggest monthly gain at the LME, on signs the global economy is edging towards recovery, although prices touched a three-week low on fresh strength in the dollar.
Nickel nose-dived by Rs 55 per kg to Rs 1,035 from Wednesday's closing level of Rs 1,090.
Copper scrap heavy and tin dipped by Rs 10 per kg each to Rs 512 and Rs 1,530 from Rs 522 and Rs 1,540.

Copper armiture dropped by Rs 9 per kg to Rs 494 from Rs 503.
Copper cable scrap and copper wire bar fell by Rs 8 per kg each to Rs 528 and Rs 551 from Rs 531 and Rs 559.

Brass sheet cutting looked down by Rs 4 per kg to Rs 357 from Rs 361 and copper sheet cutting also moved down by Rs 3 per kg to Rs 489 from Rs 502.
Copper utensils scrap and brass utensil scrap went down by Rs 2 per kg each to Rs 466 and Rs 346 from Rs 468 and Rs 348.

Aluminium utensils and lead softened by Re 1 per kg each to Rs 127 and Rs 131, respectively.
However, zinc gained by Rs 2 per kg to Rs 172 from Rs 170 and aluminium ingots inched-up by Re 1 per kg to Rs 162.