Base metals slide on global cues, low demand

Amid weak global cues and reduced offtake by consuming industries at domestic spot market, base metal prices eased by Rs 2 per kg at the non-ferrous metals market on Wednesday.

Traders said sentiment turned bearish after zinc dropped for a second day in global markets after entering a bull market on Tuesday, as most industrial metals fell along with stock markets and oil.

Globally, zinc for delivery in three-month lost 1% to USD 1,720 a metric tonne on the London Metal Exchange.

They said reduced demand from consuming industries at domestic spot market weighed on prices.

In the national capital, zinc ingot and copper mixed scrap were down by Rs 2 each to Rs 96-102 and Rs 353, while nickel plate (4x4) traded lower by a similar margin to Rs 829-834 per kg, respectively. Lead ingot and imported also enquired lower by Rs 2 each to Rs 85 and Rs 91 per kg, respectively.

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

Zinc ingot Rs 96-102, Nickel plate (4x4) Rs 829-834, Gun metal scrap Rs 227, Bell metal scrap Rs 229, Copper mixed scrap Rs 353, Chadri deshi Rs 295.

Lead ingot Rs 85, lead imported Rs 91, aluminium ingots Rs 146, aluminium sheet cutting Rs 142, aluminium wire scrap Rs 142 and aluminium utensils scrap Rs 140.