Select base metals decline on global cues

MUMBAI: Select copper, nickel and aluminium declined in a restricted trade at the non-ferrous metal market here today on stockist selling as well as subdued industrial offtake following bearish London Metal Exchange (LME) trend.

Meanwhile, copper cable scrap and brass sheet cutting edged up on slight demand from consumer industries.

The industrial metal weakened after comments from European Central Bank about worsening eurozone debt crisis making it difficult to find any concrete solution.

Nickel dropped by Rs 10 per kg to Rs 1,060 from overnight closing level of Rs 1,070 and copper sheet cutting dipped by Rs 6 per kg to Rs 414 as against Rs 420 yesterday.

Aluminium utensils scrap also moved down by Rs 2 per kg to Rs 105.

However, brass sheet cutting gained by Rs 2 per kg to Rs 302 and copper cable scrap, copper wire bar both looked up by a rupee per kg each to Rs 435 and Rs 463 respectively.