Select base metals remain weak on global cues, low demand

Select base metal prices drifted lower by Rs 2 per kg at the non-ferrous metals market Tuesday in line with a weak trend overseas amid easing demand from consuming industries.

Traders said sentiment remained bearish in sync with a weak weak trend overseas where prices of most industrial metals slipped after the US imposed fresh round of tariffs on another USD200 billion worth of Chinese goods.

Globally, copper for delivery in three-month ended by 0.50 per cent down at USD 5,945 per tonne on Monday, near a 14-month low of USD 5,773 touched in August and down nearly 20 per cent from its June peak on the London Metal Exchange.

Furthermore, easing demand from consuming industries at domestic spot market, too, weighed on prices, they said.

In the national capital, copper mixed scrap, lead ingot and lead imported were down by Rs 2 each to Rs 443, Rs 148 and Rs 155 per kg, respectively.

Following are today's metal rates (in Rs per kg):