Copper remains weak on subdued demand, global cues

NEW DELHI: Copper remained weak for the second straight day and prices shed another Rs 2 per kg on the local non-ferrous metals market on Thursday on subdued industrial demand amid a weakening global trend.

Sentiment dampened further after copper fell to the lowest level in eight months in overseas markets on demand concerns after worse-than-estimated US economic data.

Meanwhile, copper for the contract for three-month delivery slid 0.8 per cent to $ 7,331.25 a tonne, the lowest price since August 3 on the London Metal Exchange.

In the national capital, copper mixed scrap fell further by Rs 2 to Rs 426 per kg.

The following are metal rates per kg: Zinc ingot 119-125, nickel plate (4x4) 1,048-1,051, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 426, chadri deshi 285.

Lead ingot 138, lead imported 136, aluminium ingots 138, sheet cutting 139, aluminium wire scrap 142 and aluminium utensils scrap 138.