Select base metals soften on global cues, low demand

Select base metal prices receded by Rs 2 per kg at the non-ferrous metals market today, tracking a weak trend overseas amid muted demand from consuming industries.

Traders said sentiments turned bearish on the back of weak trend overseas where London metal prices steadied Tuesday, but a trade dispute between China and the United States chilled factory activity in August and tempered appetite for metals.

Meanwhile, copper for delivery in three months hit its weakest in nearly two weeks at USD 5,935 a tonne before steadying to trade flat at USD 5,968 a tonne. Shanghai Futures Exchange copper fell 0.4 per cent to 47,970 yuan (USD 7,034) a tonne.

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

In the national capital, copper mixed scrap and nickel plate (4x4) fell by Rs 2 each to Rs 441 and Rs 933-935 per kg, respectively.

Lead ingot and lead ingot also traded lower by a similar margin to Rs 144 and Rs 151 per kg, respectively.

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