Base metals remain weak on global cues
The wholesale prices of base metals continued to decline here today on increased selling by stockists, triggered by weakening global markets.
By PTI |
NEW DELHI: The wholesale prices of base metals continued to decline here today on increased selling by stockists, triggered by weakening global markets.
Tin remained distinctly weak and prices fell by another Rs 20 to Rs 1100 a kilo after its prices plunged to 850 US dollar to 20,200 US dollar a tonne at London Metal Exchange (LME) last evening.
Metal traders said slowdown in demand from China and climbing LME monitored warehouse inventories in most of base metals mainly weighed on the prices.
"Concerns about the poor demand for the base metals and rising inventories mainly influenced the trading sentiments here", said a metal trader.
Nickel plate 4x4 also remained weak and prices fell by another Rs 10 to Rs 1155-1245 per kg.
Copper super d-rod lost Rs 30 to Rs 356 per kg while copper wire bar fell by Rs 25 to RS 350 per kg.
Tin remained distinctly weak and prices fell by another Rs 20 to Rs 1100 a kilo after its prices plunged to 850 US dollar to 20,200 US dollar a tonne at London Metal Exchange (LME) last evening.
Metal traders said slowdown in demand from China and climbing LME monitored warehouse inventories in most of base metals mainly weighed on the prices.
"Concerns about the poor demand for the base metals and rising inventories mainly influenced the trading sentiments here", said a metal trader.
Nickel plate 4x4 also remained weak and prices fell by another Rs 10 to Rs 1155-1245 per kg.
Copper super d-rod lost Rs 30 to Rs 356 per kg while copper wire bar fell by Rs 25 to RS 350 per kg.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
