Base metals remain weak on global cues

Base metals prices fell further by up to Rs 5 per kg in the local non-ferrous metal market today on sustained selling by stockists influenced by a weakening global trend.

Trading sentiments remained weak as copper in London declined, headed for its worst week in eight, on concerns that global growth may slow down as central banks boost interest rates. 

Lead and zinc tumbled to the lowest levels this year.

Meanwhile, copper for three-month delivery dropped by 0.5% to $8,777.50. Lead shed 1.7% to $2,256 and zinc fell by 2.5% to $2,071 a metric tonne, both of which are the lowest levels since November on the London Metal Exchange.

 

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap fell further by Rs 5 each to Rs 500, Rs 523 and Rs 484, respectively.

Zinc ingot, lead ingot and lead imported were down by Rs 2 each to Rs 133.50, Rs 138 and Rs 140 per kg, respectively. 

In line with a general weakening trend, tin ingot and nickel (4x4) shed Rs 5 each to Rs 850 and Rs 1,065-1,067 per kg, respectively.   

Following were today's quotations per kg:

Tin ingot 850, zinc ingot 133.50, nickel plate (4x4) 1,065-1,067, gun metal scrap 226 bell metal scrap 228, copper wire scrap 500, copper wire bar 523, copper mixed scrap 484, Utensil scrap 224, Chadripital 175

Lead ingot 138, lead imported 140, aluminium ingots 109, sheet cutting 110, aluminium wire scrap 110 and aluminium utensils scrap 107