Base metals weaken on global cues

Select base metals turned weak and traded lower by Rs 2 per kg at the local non-ferrous base metals market today on negative cues from the global market amid subdued demand at domestic spot markets.
Traders said sentiment turned bearish after copper declined to one-week low in global markets on concern that demand will slow as China's official factory output data missed estimates and the Federal Reserve reduced monetary stimulus.
Meanwhile, copper for delivery in three months retreated 0.3 per cent to USD 6,624.25 a tonne, the lowest level since April 22 on the London Metal Exchange.
In the national capital, copper mixed scrap and zinc ingot fell by Rs 2 each to Rs 436 and Rs 117-123, while nickel (4x4) traded lower by similar margin to Rs 1,074-1075 per kg, respectively.

Following are today's metal rates per kg:
Zinc ingot 117-123, nickel plate (4x4) 1,074-1,075 gun metal scrap 227, bell metal scrap 229, copper mixed scrap 436, chadri deshi 285.
Lead ingot 126, lead imported 124, aluminium ingots 148, Aluminium sheet cutting 149, aluminium wire scrap 151 and aluminium utensils scrap 148.