Base metals remain weak on muted demand, global cues

Base metal prices drifted further lower by up to Rs 5 per kg at the non-ferrous metal market today following tepid demand from consuming industries at domestic spot market coupled with a weak trend overseas.
Traders said besides subdued demand from consuming industries at domestic spot market, a weak global trend where base metal slid after Moody's Investors Service downgraded China's credit rating and warned that the country's debt position will worsen as its economic expansion slows, dampened sentiment here.
Globally, copper for delivery in three-months fell 0.6 per cent to settle at USD 5,682 per tonne at the London Metal Exchange in yesterday's trade.

In the national capital, copper mixed scrap and nickel plate (4x4) declined by Rs 2 and Rs 5 to Rs 343 and Rs 782-792 per kg, respectively.
Zinc ingot also traded lower by Rs 2 at Rs 102-108 per kg.
Following are today's metal rates (in Rs per kg):
Zinc ingot Rs 102-108, Nickel plate (4x4) Rs 782-792, gun metal scrap Rs 227, Bell metal scrap Rs 229, copper mixed scrap Rs 343, chadri deshi Rs 295.
Lead ingot Rs 92, lead imported Rs 98, aluminium ingots Rs 154, aluminium sheet cutting Rs 150, aluminium wire scrap Rs 150 and aluminium utensils scrap Rs 148.