Copper prices fell up to Rs 10 per kg at the non-ferrous metal market today on weak cues from Asian markets and subdued demand from domestic consuming industries.
Metal traders said apart from sluggish demand from consuming industries at domestic spot markets, weakness in base metals at the Shanghai Futures Exchange as Goldman Sachs Group said investors may profit from selling at current prices.
Copper will fall about 16 per cent in the coming 12 months on weaker commodity demand growth in China, lower oil prices and a stronger dollar, Goldman analysts said in a report.
Globally, copper for delivery in July lost 1 per cent to 44,680 yuan (USD 7,204) per tonne on the Shanghai Futures Exchange.
The London Metal Exchange will remain closed today for a public holiday.
In the national capital, copper mixed scrap fell by Rs 5 to Rs 400 per kg.
Nickel plate (4x4) traded Rs 10 lower at Rs 1,015-1,020 per kg on weak global cues and sluggish demand from alloy-makers.
Following are today's metal rates (in Rs per kg):
Zinc ingot Rs 110-116, Nickel plate (4x4) Rs 1,015-1,020, Gun metal scrap Rs 227, Bell metal scrap Rs 229, Copper mixed scrap Rs 400, Chadri deshi Rs 285.
Lead ingot Rs 104, Lead imported Rs 105, Aluminium ingots Rs 154, Aluminium sheet cutting Rs 155, Aluminium wire scrap Rs 157 and Aluminium utensils scrap Rs 154.
