Base metals fall on global sell-off

Led by copper, most of the base metals declined at the non-ferrous metal market here today on hectic stockists selling impacted by overnight global commodity sell-off.

The market sentiment was adversely affected by the second major selling in commodities in less than a week amidst concerns over slower-than-expected industrial output growth from China, signalling slow demand for base metals.

Copper armiture dropped by Rs 9 per kg to Rs 434 from Wednesday's closing level of Rs 443.

Copper cable scrap, copper wire bar and copper sheets cutting dipped by Rs 8 per kg each to Rs 447, Rs 475 and Rs 432 respectively, as compared to Rs 455, Rs 483 and Rs 440 yesterday.

 

Copper scrap heavy slipped by Rs 7 per kg to Rs 442, tin by Rs 5 per kg to Rs 1,535 and brass sheets cutting moved down by Rs 3 per kg to Rs 312. 

Nickel, lead and zinc edged down by Rs 2 per kg each to Rs 1,285, Rs 125 and Rs 121, respectively. Aluminium utensils scrap also softened by a rupee per kg to Rs 109. 

However, copper utensils scrap looked up by Rs 2 per kg to Rs 412 from Rs 410 previously.