Base metals slide on global cues, sluggish demand

Base metal prices fell by up to Rs 3 per kg at the non-ferrous metals market today, tracking a weak trend overseas amid easing demand from consuming industries.

Base metal prices fell by up to Rs 3 per kg at the non-ferrous metals market today, tracking a weak trend overseas amid easing demand from consuming industries.

Traders said sentiment dampened after Shanghai base metals dropped sharply today, with copper and zinc plumbing fresh one-year lows after a broad sell-off in London in the previous session before bouncing back slightly on the news of fresh U.S.-China trade talks.

Meanwhile, the October copper contract on the Shanghai Futures Exchange fell 3.3 percent to its lowest since June 2017 and was trading down 2.5 percent at 47,600 yuan (USD 6,865.71) a tonne.

Also, three-month copper on the London Metal Exchange was trading lower for a fifth session, slipping 0.3 percent to USD 5,813 a tonne, after hitting a 15-month low of USD 5,773 a tonne yesterday.

In the national capital, copper mixed scrap and nickel plate (4x4) fell by Rs 2 and Rs 3 to Rs 433 and Rs 909-912 per kg, respectively.

Zinc ingot, lead ingot and lead imported also shed Rs 2 each at Rs 129-135, Rs 136 and Rs 143 per kg, respectively.

Following are today's metal rates (in Rs per kg):

Zinc ingot Rs 129-135, nickel plate (4x4) Rs 909-912, gun metal scrap Rs 227, bell metal scrap Rs 229, copper mixed scrap Rs 433, chadri deshi Rs 295.

Lead ingot Rs 136, lead imported Rs 143, aluminum ingots Rs 168, aluminum sheet cutting Rs 164, aluminum wire scrap Rs 164 and aluminum utensils scrap Rs 162.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)