Nickel, copper decline on global cues

Nickel and select copper prices declined in an otherwise lacklustre non-ferrous metal market here today on stockists offering amidst bearish trend in London Metal Exchange (LME).

Meanwhile, tin prices firmed up on better offtake from alloy industries.

The industrial metals moved down at LME on speculative trade on the back lower US economic data and Europe's credit crises amidst weakening chinese demand.

Nickel prices dropped by Rs 10 per kilo to Rs 1,345 from overnight closing level of Rs 1,355.

Copper utensils scrap edged down by Rs 2 per kilo to Rs 426 as against Rs 428. Copper cable scrap and copper wire bar both softened by a rupee per kilo to Rs 473 and Rs 501 respectively. 

 

However, tin prices gained by Rs 5 per kilo to Rs 1,595 as compared to Rs 1,590 yesterday.