Base metals decline on global cues

Select base metals prices declined up to Rs 2 per kg the local non-ferrous metal market today on fresh selling by stockists influenced by weakening trend at London Metal Exchange (LME).

Sentiment turned bearish after copper declined for the first time in three days in London, as expectations of slower growth in China, the largest consumer, damped the demand outlook.

Meanwhile, copper for three-month delivery slid 0.5 per cent to $9,637.50 and zinc lost 1.3 per cent, to $2,448 a tonne on the LME.  

Traders said besides weakening trend at LME, fresh selling by stockists on fall in demand from consuming industries, led to decline in select base metal prices.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were down by Rs 2 each to Rs 479, Rs 503 and Rs 464 per kg, respectively.

Zinc ingot, lead ingot and lead imported were also traded lower by Re one each to 132.50, Rs 137 and Rs 139 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 820, zinc ingot 132.50, nickel plate (4x4) 1,022-1,024, gun metal scrap 226 bell metal scrap 228, copper wire scrap 479, copper wire bar 503, copper mixed scrap 464, Utensil scrap 224, Chadripital 175

Lead ingot 137, lead imported 139, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102