Tin, zinc plunges on heavy stockists selling

Tin and zinc prices fell sharply at the non-ferrous metal market here today owing to heavy selling from stockists, triggered by overnight sell-off in London Metal Exchange (LME).

Elsewhere, copper utensils scrap and zinc also declined on subdued industrial demand. Meanwhile, select copper and brass moved up on better offtake from consumer industries.

Base metal tumbled at the LME on mounting concern over euro-zone debt crisis on the back strengthening dollar valuations.

Tin tumbled by Rs 50 per kilo to Rs 1,450 from Monday's closing level of Rs 1,500 and nickel dropped by Rs 25 per quintal to Rs 1,220 as compared to Rs 1,245 previously.

 

Copper utensils scrap lost Rs 4 per kilo to Rs 419 as against Rs 423 and zinc softened by a rupee per kilo to Rs 123 from Rs 124 yesterday. 

However, copper cable scrap, copper armiture, copper wire bar and brass utensils scrap all inched up by a rupee per kilo each to Rs 459, Rs 443, Rs 487 and Rs 307, respectively.