Select base metals drop on subdued demand, global cues

Prices of select base metals, including copper, brass, aluminium and nickel, fell at the non-ferrous metal market here today on selling by stockists amidst subdued demand from industrial users on the back of lower London Metal Exchange (LME) cues.
The industrial metals were mired near their lowest level in early trade as geopolitical tensions continued to blunt prospects for global growth, while traders waited for a gauge of factory health in top consumer China for directional cues.
Copper cable scrap, copper wire bar and nickel slipped by Rs 5 per kg each to Rs 494, Rs 522 and Rs 1,245 from Tuesday's closing level of Rs 499, Rs 527 and Rs 1,250.

Copper scrap heavy fell by Rs 3 per kg to Rs 486 as against Rs 489.
Copper armiture, copper sheet cutting and brass sheet cutting all moved down by Rs 2 per kg each to Rs 469, Rs 464 and Rs 353 from Rs 471, Rs 466 and Rs 353.
Copper utensils, brass utensils scrap and aluminium utensils scrap all softened by a Re per kg each to Rs 447, Rs 337 and Rs 134, respectively.