Base metals decline on weak trend at LME

Copper and other base metals softened and prices fell by Rs 2 per kg on the local non- ferrous metal market today amid weak trend at the London Metal Exchange (LME). Fall in demand from consuming industries too weighed on the base metal prices.

Trading sentiment turned weak after copper, aluminium and zinc dropped at the LME after manufacturing in China, the world’s largest metal consumer, expanded at a slower pace for a second month, signaling that demand growth may be weak.

Meanwhile, copper for three-month delivery fell 1.8 per cent to $6,400, aluminium by 1.6 per cent to $1,946 and zinc lost 2 per cent to $1,756 a metric tonne at the LME.

 

In the national capital, copper wire scrap, copper wire bar and copper mixed were down by Rs 2 each to Rs 357, Rs 376 and Rs 335, while nickel (4x4) traded lower by the same margin at Rs 864-978 per kg.

Zinc ingot, lead ingot and lead imported also traded in negative zone with a loss of Rs 2 each to Rs 118, Rs 114 and Rs 117 per kg.

Aluminium ingot and shed Rs 2 each at Rs 100 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 795, zinc ingot 118.00, nickel plate (4x4) 864- 978, gun metal scrap 226 bell metal scrap 228, copper wire scrap 357, copper wire bar 376, copper mixed scrap 335, utensil scrap 224, Chadripital 175

Lead ingot 114, lead imported 117, aluminium ingots 100, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100