Base metals remain weak on global cues

Copper for delivery in three months lost 0.6 per cent to USD 7,561.50 a tonne.

Written by Agencies | New Delhi | Published: August 29, 2012 3:29:37 pm

Base metals remained under pressure in line with a weakening global trend and prices fell by up to Rs 5 per kg in the local non-ferrous metals market today.

Sentiment remained weak after copper declined in overseas markets on concern that Chinese demand is slowing outweighed expectations of data showing an improving US economy.

Meanwhile,copper for delivery in three months lost 0.6 per cent to USD 7,561.50 a tonne on the London Metal Exchange.

In the national capital,copper mixed scrap and zinc ingot remained weak and shed another Rs 2 each to Rs 387 and Rs 103-107 per kg,respectively. Nickel (4×4) followed suit lost Rs 5 at Rs 1,022-1,025 per kg.

In line with a general weakening trend,lead ingot and lead imported were quoted lower by Rs 2 each to 125 and Rs 123 per kg,respectively.

The following are metal rates per kg: Zinc ingot 103-107, nickel plate (4×4) 1,022-1,025,gun metal scrap 226,bell metal scrap 228,copper mixed scrap 387,chadri deshi 285.

Lead ingot 125,lead imported 123,aluminium ingots 123,sheet cutting 125,aluminium wire scrap 130 and aluminium utensils scrap 124.

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