Base metals prices soften on global cues

Tracking a weak global trend,base metals prices traded lower by Rs 2 per kg in the local non-ferrous metal market.

Tracking a weak global trend,base metals prices traded lower by Rs 2 per kg in the local non-ferrous metal market today.

Sentiment turned bearish after copper fell to one-week low in overseas markets,leading declines among industrial metals,as further signs of a slowdown in China spurred concern that demand growth will weaken in the world’s top user. Meanwhile,copper for delivery in three months lost 1.6 per cent to USD 8,163 a tonne on the London Metal Exchange,the lowest since October 1.

In the national capital,copper mixed and nickel (4×4) declined by Rs 2 each to Rs 398 and Rs 1,025-1,028 per kg.

Zinc ingot,lead ingot and lead imported were also enquired lower by similar margin to Rs 108-112,Rs 134 and Rs 132 per kg,respectively.

The following are metal rates per kg: Zinc ingot 108-112,nickel plate (4×4) 1,025-1,028,gun metal scrap 227,bell metal scrap 229,copper mixed scrap 398,chadri deshi 285.

Lead ingot 134,lead imported 132,aluminium ingots 131,sheet cutting 132,aluminium wire scrap 138 and aluminium utensils scrap 131.