Base metals remain weak on global cues

NEW DELHI: Select base metals remained weak with prices falling up to Rs 5 per kg on the local non-ferrous metal market today largely in tune with a weak global trend.

Traders said sentiment remained bearish after copper fell to the lowest level in more than four months in global markets on rising stockpiles and ahead of taxation decisions from Cypriot lawmakers on bank deposits.

Meanwhile, copper for delivery in three months lost 0.6 per cent to $7,531 a tonne, the lowest level since November 9 on the London Metal Exchange.

In the national capital, copper mixed scrap and nickel (4x4) fell further by Rs 5 each to Rs 425 and Rs 1,050-1,053 per kg, respectively.

Zinc ingot, lead ingot and lead imported also declined by Rs 2 each to Rs 119-125, Rs 142 and Rs 140 per kg, respectively.

The following are metal rates per kg: Zinc ingot 119-125, nickel plate (4x4) 1,050-1,053, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 425, chadri deshi 285.

Lead ingot 142, lead imported 140, aluminium ingots 142, sheet cutting 143, aluminium wire scrap 146 and aluminium utensils scrap 142.