Base metals remain weak on global cues

NEW DELHI: Base metal prices fell further by Rs 2 per kg on the local non-ferrous metals market today on increased selling by stockists in tandem with a weakening global trend.


Sentiment remained bearish as metals declined in overseas markets on concern that demand from China to the US and Europe may falter.

Meanwhile, copper for delivery in three months slumped 4 per cent to USD 6,800 a tonne, the lowest level since October 2011 on the London Metal Exchange.

In the national capital, copper mixed scrap and nickel (4x4) remained under selling pressure and shed another Rs 2 each to Rs 420 and Rs 1,045-1,048 per kg, respectively.

Zing ingot, lead ingot and lead imported were also enquired lower by the same margin to Rs 117-121, Rs 138 and Rs 136 per kg, respectively.

The following are metal rates per kg: Zinc ingot 117-123, nickel plate (4x4) 1,045-1,048, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 420, chadri deshi 285.

Lead ingot 138, lead imported 136, aluminium ingots 140, sheet cutting 141, aluminium wire scrap 144 and aluminium utensils scrap 140.