Base metals decline on global cues
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Base metal prices declined by Rs 2per kg in the local non-ferrous metal market today on stockists selling in tandem with a weak global trend.
Sentiments turned bearish after Copper fell most in 2 weeks in global markets, as industrial metals dropped after US Federal Reserve policy makers said they will probably end their USD 85 billion monthly bond-purchase programme sometime this year.
Meanwhile, Copper for delivery in 3 months lost 1.3 per cent to USD 8,058 a tonne, the most since December 20 on the London Metal Exchange.
In the national capital, copper mixed scrap and nickel (4x4) declined by Rs 2 each to Rs 421 and Rs 1,053-1,056, while zing ingot traded lower by the same margin to Rs 117-121 per kg respectively.
Lead ingot and lead imported were also weakened by Rs 2 each to Rs 145 and Rs 143 per kg respectively.
Following are metal rates per kg: Zinc ingot 117-121, nickel plate (4x4) 1,053-1,056, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 421,
chadri deshi 285. Lead ingot 145, lead imported 143, aluminium ingots 132,
sheet cutting 133, aluminium wire scrap 137 and aluminium utensils
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