Base metals remain weak on global cues, muted demand

Continuing its slide for a third-straight day, base metal prices shed another Rs 2 per kg at the non-ferrous metals market Wednesday, largely in tune with a weak trend overseas amid sluggish demand from consuming industries.

Traders said sentiment remained bearish on the back of weak trend overseas ahead of a widely expected the US interest rate hike and persistent worries over an escalating the US-China trade war.

Globally, copper for delivery in three-month was down by 0.60 per cent at USD 6,277 per tonne on the London Metal Exchange.

In addition, tepid demand from consuming industries at domestic spot market, too, weighed on prices.

In the national capital, copper mixed scrap and nickel plate (4x4) were down by Rs 2 each to Rs 445 and Rs 943-945 per kg, respectively.

Zinc ingot, lead ingot, and lead imported also enquired lower by a similar margin to Rs 145-151, Rs 148 and Rs 155 per kg, respectively.

Following are today's metal rates (in Rs per kg):