Copper remains weak on lower global trend

NEW DELHI: Copper continued to slide for the second straight day and lost another Rs 2 per kg in the non- ferrous metals market today on weakening global trend.

Traders said sentiment remained weak in line with weak global markets, where copper fell for the second day after reports sparked concern about the strength of recovery in the US, the world's second-biggest consumer of the metal.

Meanwhile, copper for delivery in three months dropped 0.7 per cent to settle at USD 7,255 a metric tonne on the London Metal Exchange.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap remained weak and shed another Rs 2 each to Rs 370, Rs 389 and Rs 350 per kg, respectively.

Following were today's quotations in Rs per kg: Tin ingot 795, zinc ingot 118.50, nickel plate (4x4) 893-897, gun metal scrap 226 bell metal scrap 228, copper wire scrap 370, copper wire bar 389, copper mixed scrap 350.00, Utensil scrap 224, Chadripital 175.

Lead ingot 117, lead imported 120, aluminium ingots 100, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100.