Base metals slip on global cues

NEW DELHI: Base metals weakened by Rs 2 per kg on the local non-ferrous metals market today largely on weak global trend.

Traders attributed the fall in select base metals to a weak global trend on concern that demand from China, the biggest user, will weaken after the International Monetary Fund cut its forecast on the nation's growth.

Meanwhile, copper fell 1.8 per cent to USD 7,170 a tonne on the London Metal Exchange.

In the national capital, copper mixed scrap and nickel (4x4) met with resistance and declined by Rs 2 each to Rs 422 and Rs 1,047-1,050 per kg, respectively.

Zing ingot, lead ingot and lead imported were also traded lower by the same margin to Rs 119-123, Rs 140 and Rs 138 per kg, respectively.

The following are metal rates per kg: Zinc ingot 119-125, nickel plate (4x4) 1,047-1,050, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 422, chadri deshi 285.

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