Copper, nickel extend weakness on global cues

Prices of copper and nickel fell further by Rs 2 per kg at the non-ferrous metal market today largely in line with a weakening global trend and subdued demand from consuming industries at domestic spot market.
Traders said sentiment remained bearish on the back of a weak trend overseas where most industrial metals fell as traders awaited policy decisions from the Bank of Japan and the Federal Reserve later in the day.
Globally, copper for three-month delivery fell 0.5 per cent to USD 4,769 per tonne at the London Metal Exchange after closing at USD 4,793 yesterday, its highest since August 19.

Besides, muted demand from consuming industries at domestic spot market weighed on prices, they said.
In the national capital, copper mixed scrap and nickel plate (4x4) declined by Rs 2 each to Rs 369 and Rs 835-840 per kg respectively.
Following are today's metal rates (in Rs per kg):
Zinc ingot Rs 105-111, Nickel plate (4x4) Rs 835-840, gun metal scrap Rs 227, Bell metal scrap Rs 229, copper mixed scrap Rs 369, chadri deshi Rs 295.
Lead ingot Rs 89, lead imported Rs 95, aluminium ingots Rs 156, aluminium sheet cutting Rs 152, aluminium wire scrap Rs 152 and aluminium utensils scrap Rs 150.