Base metals fall on global cues

Base metal prices fell up to Rs 5 per kg in the local non-ferrous metal market today on stockists selling in tandem with weakening global trend.

Trading sentiments turned bearish after copper, zinc and lead fell in global markets as data showed manufacturing in China may expand at a slower pace this month, and as Fitch Ratings cut Greece's credit rating three levels, stoking concerns over the overall economic outlook. 

Meanwhile, copper for three-month delivery dropped by 2.4% to $8,855, lead by 2.8% to $2,440 and nickel lost 1.9% to $23,100 a tonne on the London Metal Exchange (LME).

Besides, reduced offtake from consuming further dampened the trading sentiments.

 

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were down by Rs 5 each to Rs 503, Rs 526 and Rs 486, tin ingot and nickel (4x4) followed suit and traded lower by the same margin to Rs 845 and Rs 1,055-1,057 per kg, respectively. 

In line with a general weakening trend, lead ingot and lead imported and zinc ingot were traded lower by Re 1 each to Rs 143, Rs 146 and Rs 135.50 per kg, respectively.  

Following were today's quotations Rs per kg:  

Tin ingot 845, zinc ingot 135.50, nickel plate (4x4) 1,055-1,057, gun metal scrap 226 bell metal scrap 228, copper wire scrap 503, copper wire bar 526, copper mixed scrap 486, Utensil scrap 224, Chadripital 175

Lead ingot 143, lead imported 146, aluminium ingots 109, sheet cutting 110, aluminium wire scrap 110 and aluminium utensils scrap 107