Copper, nickel remains down on global cues

Copper and nickel prices declined up to Rs 5 per kg on the local non-ferrous metal market today on sustained selling by stockists on the back of weakening trend at London Metal Exchange (LME).

Sentiment remained bearish after copper fell in London on speculation of slowing demand in China, the largest consumer.

Meanwhile, copper fell by 0.3 per cent to usd 9,588 and nickel by 0.4 per cent, to $25,458 a tonne on the LME. Traders said besides weakening trend at LME, sustained selling by stockists led to decline in copper prices.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained under selling pressure and shed another Rs 2 each to Rs 477, Rs 501 and Rs 462, while nickel (4x4) lost Rs 5 to Rs 1017-1019 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 820, zinc ingot 132.50, nickel plate (4x4) 1,017-1,019, gun metal scrap 226 bell metal scrap 228, copper wire scrap 477, copper wire bar 501, copper mixed scrap 462, Utensil scrap 224, Chadripital 175

Lead ingot 137, lead imported 139, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102