Copper, nickel slide on global cues, muted demand
Prices of copper and nickel drifted lower by Rs 2 per kg at the non-ferrous metals market today, tracking a weak trend overseas.
Sentiment turned bearish after copper slid to its lowest since late March after China's manufacturing growth tempered in June, reflecting a slowdown in the real economy and simmering trade tensions with the United States, traders said.
Globally, copper for delivery in three-month fell 0.7 per cent to USD 6,579 a tonne on the London Metal Exchange. Copper prices on the Shanghai Futures Exchange also inched down by 0.4 per cent to 51,210 yuan (USD 7,698) a tonne.
Besides, sluggish demand from consuming industries at domestic spot market, weighed on prices, they said.
In the national capital, copper mixed scrap and nickel plate (4x4) fell by Rs 2 each to Rs 426 and Rs 883-886 per kg, respectively.
Following are today's metal rates (in Rs per kg):
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