Base metals soften on weak global cues

NEW DELHI: Base metal prices declined by Rs 2 per kg on the local non-ferrous metals market today largely on weakening global trend.

Trading sentiments turned bearish as copper declined in overseas markets after Spain's credit rating was downgraded and reports that China has no plans to introduce stimulus measures on the scale unleashed in 2008.

Meanwhile, copper for three-month delivery dropped one per cent to $ 7,591 a metric tonne on the London Metal Exchange.

In the national capital, copper mixed scrap and zinc ingot declined by Rs 2 each to 402 and Rs 114-120 per kg, respectively.

Lead ingot and lead imported were also weakened by the same margin to Rs 136 and Rs 134 per kg, respectively.

The following are metal rates per kg: Zinc ingot 114-120, nickel plate (4x4) 1,064-1,067, gun metal scrap 226, bell metal scrap 228, copper mixed scrap 402, chadri deshi 285.

Lead ingot 136, lead imported 134, aluminium ingots 126, sheet cutting 128, aluminium wire scrap 132 and aluminium utensils scrap 127.