Select base metals drop on global cues

Copper, brass, zinc and lead prices dropped at the non-ferrous metal market here today on reduced demand from industrial users amidst lower stockists offtake following weakening trend at the London Metal Exchange (LME).

While, nickel and copper scrap heavy firmed up owing to higher industrial offtake.

The industrial metals continued to trade sluggish and rangebound at LME ahead of the eurozone finance ministers meet amidst Chinese demand outlook after the Asian country raised reserve requirements for banks last week.  

Copper utensils scrap declined by Rs 7 per kilo to Rs 415 from last Saturday's closing level of Rs 422. Copper sheets cutting, brass utensils scrap and zinc all moved down by Rs 2 per kilo each to Rs 438, Rs 308 and Rs 123 respectively. 

 

Copper cable scrap, copper wire bar and lead also softened by a rupee per kilo each to Rs 459, Rs 487 and Rs 125.

However, nickel rose by Rs 5 per kilo to Rs 1,265 from Rs 1,260 and copper scrap heavy gained Rs 3 per kilo to Rs 451 as compared to Rs 448 last weekend.