Nickel, tin drop on lower demand, global cues

Nickel and tin prices dropped in an otherwise fairly active non-ferrous metal market here today due to stockist selling amidst lower demand from ally industries.
Elsewhere, select copper, brass and aluminium gained on good offtake from consumer industries.
The industrial metals trading bearish at global markets in early trade over record stockpiles outweighed concern that supplies will decline after Indonesia, the biggest producer of the mined ore, restricted shipments.
Nickel and tin dipped by Rs 5 per kg each to Rs 995 and Rs 1,530 from Tuesday's closing level of Rs 1,000 and Rs 1,535.
Aluminium ingots eased by Rs 2 per kg to Rs 146 from Rs 148, while copper cable scrap, copper wire bar and brass utensils scrap softened by Re 1 per kg each to Rs 509, Rs 537 and Rs 354, respectively.

However, Copper scrap heavy rose by Rs 3 per kg to Rs 503 from overnight close of Rs 500.
Copper sheet cutting and brass sheet cutting moved up by Rs 2 per kg each to Rs 484 and Rs 362 as against Rs 482 and Rs 360 yesterday.
Aluminium utensils scrap and lead also inched up by Re 1 per kg each to Rs 126 and Rs 138.