Select base metals drops on subdued demand

Select base metals dropped in an otherwise sluggish non-ferrous metal market here today on stockist selling amid subdued demand from industrial users despite a recovery at the London Metal Exchange (LME).

The industrial metals bounced back at the LME as worries about a crackdown on Chinese property development faded and major mergers in the United States boosted hopes that an economic revival was on the move.

Tin fell by Rs 5 per kg to Rs 1,560 from Monday's closing level of Rs 1,565.

Copper sheet cutting and Nickel declined by Rs 3 per kg each to Rs 493 and Rs 995 as against Rs 496 and Rs 998 yesterday.
 

Copper scrap heavy moved down by Rs 2 per kg to Rs 506 from Rs 508 previously, while brass utensils scrap and aluminium utensils scrap softened by a Re per kg each to Rs 358 and Rs 127 respectively.

However, copper armiture inched up by a Re per kg to Rs 499.