Base metals drop on stockists selling, weak global cues

Nickel prices plunged at the non-ferrous metal market here today following heavy selling by stockists as well as subdued demand from alloy industries.
Elsewhere, aluminium, copper and brass fell sharply owing to reduced offtake from consuming industries.
On the other hand, zinc gained on modest industrial support.
Globally, base metals witnessed unwinding from speculators following fresh concerns about China's credit supply and also strengthening dollar dampened sentiment.
Nickel slumped by Rs 10 per kg to Rs 1,260 from Tuesday's closing level of Rs 1,270 and aluminium utensils scrap drifted by Rs 4 per kg to Rs 133 as against Rs 137.

Copper cable scrap, copper scrap heavy and copper wire bar declined by Rs 3 per kg each to Rs 488, Rs 480 and Rs 516 as compared to Rs 491, Rs 483 and Rs 519, respectively.
Copper armiture, copper sheets cutting and brass utensils scrap also softened by a Re each to Rs 469, Rs 465 and Rs 339.
However, zinc looked up by a Re to Rs 193.