Select copper and nickel prices drop on global cues

MUMBAI: Select copper, nickel and lead prices dropped at the non-ferrous metal market here today due to stockist selling amidst subdued industrial demand on the back of lower London Metal Exchange (LME) cues.

Meanwhile, tin, copper armiture, brass utensils scrap and zinc prices recovered owing to fresh demand from alloy and consumer industries.

The industrial metals fell at the LME to a near seven-week low after US Federal Reserve Chairman Ben Bernanke signalled the central bank would start reducing its stimulus measures later this year.

Nickel declined by Rs 7 per kg to Rs 973 from Wednesday's closing level of Rs 980.

Copper cable scrap, copper wire bar, copper sheet cutting and lead all softened by a rupee per kg to Rs 486, Rs 514, Rs 461 and Rs 136, respectively.

However, tin gained by Rs 2 per kg to Rs 1,357 as against Rs 1,355 yesterday.

Copper armiture, brass utensil scrap, and zinc inched up by a rupee per kg to Rs 467, Rs 326 and 145.