Copper, nickel extend losses on global cues

Copper and nickel extended weakness and prices fell by another Rs 2 per kg at local market today on stockists selling in tandem with a weakening global trend.
However, other base metals moved in a tight range in scattered deals and settled at last levels.
Traders said sentiment remained bearish after copper fell to the lowest in five years in global markets as record Chinese imports failed to convince investors that demand from the largest metals consumer is strong enough to eliminate a supply glut.
Meanwhile, copper for delivery in three months slipped to as low as USD 5,936.25 a metric tonne on the London Metal Exchange.

In the national capital, copper mixed scrap and nickel (4x4) fell further by Rs 2 each to Rs 396 and Rs 1,081-1,087 per kg respectively.
Following are today's metal rates (in Rs per kg):
Zinc ingot 114-120, Nickel plate (4x4) 1,081-1,087, Gun metal scrap 227, Bell metal scrap 229, Copper mixed scrap 396, Chadri deshi 285.
Lead ingot 106, Lead imported 107, Aluminium ingots 166, Aluminium sheet cutting 167, Aluminium wire scrap 169 and Aluminium utensils scrap 166.