Base metals soften on global cues, subdued demand

Copper and other base metals turned weak and traded up to Rs 10 per kg lower in the local non-ferrous metal market today, tracking weak trend overseas.

Weak demand from the consuming industries too weighed on the base metal prices. Sentiment turned weak after the entire base metals pack led by copper drifted in global markets on concerns about economic recovery, traders said.

At the London Metal Exchange, meanwhile, copper for the three-month delivery fell by 1.56 per cent to $6,761.75 a metric tonne, while nickel down 1.24 per cent at $20,350 per tonne.

Copper wire scrap, copper wire bar and copper mixed scrap turned weak and traded Rs 3 each to Rs 357, Rs 376 and Rs 335 per kg, respectively. Nickel traded Rs 10 down at Rs 864-978 per kg on weak global cues and fall in demand from alloy makers.

 

Zinc shed Rs 2 at Rs 120 per kg while lead ingot and imported shed Rs 3 each at Rs 116 and Rs 119 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 795, zinc ingot 120, nickel plate (4x4) 864- 978, gun metal scrap 226 bell metal scrap 228, copper wire scrap 3570, copper wire bar 376, copper mixed scrap 335, utensil scrap 224, Chadripital 175

Lead ingot 116, lead imported 119, aluminium ingots 102, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100