Copper, nickel fall on lower global trend

Copper and nickel turned weak and prices fell by Rs 5 per kg in the non-ferrous metal market today on emergence of stockists selling sparked by a weakening trend at the London Metal Exchange.

Traders said sentiment turned bearish after copper fell in global markets, as weaker-than-forecast economic data from the US dimmed recovery prospects in the world's second-largest user of the metal.  

Besides, fall in demand from consuming industries also attributed to the decline in base metal prices, they said. Meanwhile, copper for three-month delivery fell 0.3 per cent to $7,286 and nickel by 1.6 per cent to $21,450 a metric tonne on the London Metal Exchange.

 

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were down by Rs 5 each to Rs 372, Rs 391 and Rs 352 per kg, respectively.

Nickel (4x4) followed suit and traded lower by the same margin at Rs 893-897 per kg.

Following were today's quotations in Rs per kg:

Tin ingot 795, zinc ingot 118.50, nickel plate (4x4) 893-897, gun metal scrap 226 bell metal scrap 228, copper wire scrap 372, copper wire bar 391, copper mixed scrap 352.00, Utensil scrap 224, Chadripital 175

Lead ingot 117, lead imported 120, aluminium ingots 100, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100