Weak global cues drag down select base metals

Amid bearish global cues and reduced offtake by consuming industries, select base metal prices fell up to Rs 5 per kg at the non-ferrous metal market today.
Traders said sentiment turned weak after most industrial metals fell in global markets as investors refocused on poor demand, following gains made in the wake of the US Federal Reserve's increase in rates for the first time in nearly a decade.
Meanwhile, copper for three-month delivery declined 0.3 per cent to USD 4,597.5 a metric tonne on the London Metal Exchange.
In the national capital, nickel plate (4x4) and copper mixed scrap were down Rs 5 and Rs 2 to Rs 842-847 and Rs 351 per kg, respectively.

Zinc ingot also eased by Rs 2 to Rs 94-100 per kg.
Following are today's metal rates (in Rs per kg):
Zinc ingot Rs 94-100, Nickel plate (4x4) Rs 842-847, Gun metal scrap Rs 227, Bell metal scrap Rs 229, Copper mixed scrap Rs 351, Chadri deshi Rs 295.
Lead ingot Rs 78, lead imported Rs 84, aluminium ingots Rs 142, aluminium sheet cutting Rs 138, aluminium wire scrap Rs 138 and aluminium utensils scrap Rs 136.