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Base metals price turn weak on global cues

Feb 05 2013, 17:53 IST
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SummaryBase metal prices turned weak and declined by Rs 2 per kg on the local metal market.

Base metal prices turned weak and declined by Rs 2 per kg on the local metal market today on stockists selling, tracking a weak global trend. The sentiment turned bearish after copper declined in global markets on speculation that Europe's debt crisis will worsen, derailing the global economic recovery and eroding demand for industrial metals.

Meanwhile, copper for three-month delivery fell 0.4 per cent to USD 8,270.50 a tonne on the London Metal Exchange.

In the national capital, copper and nickel (4x4) fell by by Rs 2 each to Rs 448 and Rs 1,078-10,81 per kg, respectively.

Zinc ingot, lead ingot and lead imported were followed suit and shed Rs 2 each to Rs 125-131, Rs 147 and Rs 145 per kg, respectively.

The following are metal rates per kg: Zinc ingot 125-131, nickel plate (4x4) 1,078-1,081, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 448, chadri deshi 285. Lead ingot 147, lead imported 145, aluminium ingots 134,

sheet cutting 135, aluminium wire scrap 139 and aluminium utensils scrap 134.

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