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This is an archive article published on October 23, 2012

Base metals prices remain weak on global cues

Tracking a weak global trend,base metals slide for the third day by losing Rs 2 per kg in the local non-ferrous metal market.

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Tracking a weak global trend,base metals slide for the third day by losing Rs 2 per kg in the local non-ferrous metal market today largely in tune with a weakening global trend.

Sentiment remained weak after copper dropped to over six-week low in global markets on concern demand is faltering as Xstrata said it has cut its output because of a slowdown in China and ahead of a report forecast to show euro-area consumer confidence stayed at the lowest level since May 2009.

Meanwhile,copper fell 0.4 per cent to USD 7,918.25 a tonne on the London Metal Exchange.

In the national capital,copper mixed,zinc ingot remained weak and shed Rs 2 each to Rs 102-106 and Rs 391,while nickel (4×4) traded lower by the same margin to Rs 1,019-1,022 per kg,respectively.

Lead ingot and lead imported were also weakened by Rs 2 each to Rs 126 and Rs 124 per kg,respectively.

The following are metal rates per kg: Zinc ingot 102-106,nickel plate (4×4) 1,019-1,022,gun metal scrap 227,bell metal scrap 229,copper mixed scrap 391,chadri deshi 285.

Lead ingot 126,lead imported 124,aluminium ingots 130,sheet cutting 131,aluminium wire scrap 135 and aluminium utensils scrap 130.

 

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