Select base metals extend weakness on global cues

Select base metal prices fell further by Rs 2 per kg at the non-ferrous metals market in line with a weakening global trend.
Traders said sentiment remained bearish on the weak trend in base metal at the London Metal Exchange (LME) after a key gauge of factory activity in China showed deteriorated conditions for a record seventh month, underscoring concerns about the outlook for demand in the world's biggest consumer.
The manufacturing purchasing managers index dipped in February to 49, the lowest since November 2011, and has been below the 50 level which indicates contraction every month since August.
Muted demand from domestic industries also dampened the sentiment, they said.

Meanwhile, copper for delivery in three months retreated 1.3 per cent to USD 4,645 per tonne at the London Metal Exchange.
In the national capital, copper mixed scrap and nickel plate (4x4) shed Rs 2 each to Rs 353 and Rs 828-833 per kg, respectively. Zinc ingot, lead ingots and lead imports followed suit and traded lower by a similar margin to Rs 96-102, Rs 85 and Rs 91 per kg, respectively.

Following are today's metal rates (in Rs per kg):
Zinc ingot Rs 96-102, Nickel plate (4x4) Rs 828-833, Gun metal scrap Rs 227, Bell metal scrap Rs 229, Copper mixed scrap Rs 353, Chadri deshi Rs 295.

Lead ingot Rs 85, lead imported Rs 91, aluminium ingots Rs 146, aluminium sheet cutting Rs 142, aluminium wire scrap Rs 142 and aluminium utensils scrap Rs 140.