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Base metals decline on selling, global cues

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Press Trust of India Mumbai
Most of the base metals declined at the non-ferrous metal market here today on stockists selling amid lower demand from industrial users, also mainly driven bearish overseas markets.

However, tin, lead and brass utensils scrap gained further sustained demand from alloy as well as consumer industries.

Globally, industrial metal copper and aluminium fell to the lowest level since 2009 in early LME trade on concerns over slowing economic growth in China, the world's top consumer of metals.

Nickel slid by Rs 10 per kg to Rs 830 from last Saturday's closing level of Rs 840 and copper sheet cutting dropped by Rs 4 per kg to Rs 385 from Rs 389.
 

Zinc moved down by Rs 3 per kg to Rs 155 as compared to Rs 158 previously.

Copper cable scrap, copper scrap heavy, copper armiture, copper wire bar, brass sheet cutting and aluminium ingots all eased by Rs 2 per kg each to Rs 404, Rs 397, Rs 393, Rs 432, Rs 303, Rs 137 from last weekends closing level of Rs 406, Rs 399, Rs 395, Rs 434, Rs 305 and Rs 139 respectively.

Copper utensils scrap and aluminium utensils scrap also softened by a Re per kg to Rs 370 and Rs 120.

However, Tin firmed up by Rs 5 per kg to Rs 1,150 from previous level of Rs 1,145, while lead and brass utensils scrap inched up by a Re per kg each to Rs 127 and Rs 298.

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First Published: Aug 24 2015 | 4:22 PM IST

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