Copper, nickel weaken on reduced industrial offtake

NEW DELHI: Copper and nickel turned weak with prices declining by Rs 2 per kg on the local non-ferrous metal market on Friday due to reduced industrial offtake amid a weak global trend.

Sentiment turned bearish after copper fell to the lowest level in more than two months in global markets as industrial metals declined as China's manufacturing data trailed economists' forecasts, a signal that economic recovery in the largest user may be losing steam.

Meanwhile, copper for three-month delivery dropped 0.7 per cent to $ 7,760 a tonne, the lowest since December 20 on the London Metal Exchange.

In the national capital, copper mixed scrap and nickel (4x4) fell by Rs 2 each to Rs 443 and Rs 1,067-1,070 per kg respectively.

The following are metal rates per kg: Zinc ingot 121-127, nickel plate (4x4) 1,067-1,070, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 443, chadri deshi 285.

Lead ingot 147, lead imported 145, aluminium ingots 138, sheet cutting 139, aluminium wire scrap 142 and aluminium utensils scrap 138.