Copper, nickel slide on global cues, muted demand

Prices of copper and nickel weakened by Rs 2 per kg at the non-ferrous metals market on Friday, tracking a weak trend overseas amid easing demand from consuming industries.

Traders said sentiment turned bearish largely in line with a weak trend overseas on concerns over demand as a trade war between the US and China intensifies.

Globally, copper for delivery in three-month eased by 0.1 percent to USD 5,924 a tonne on the London Metal Exchange.

Besides, tepid demand from consuming industries at domestic spot market, too, dampened sentiment, they said.

In the national capital, copper mixed scrap and nickel plate (4x4) fell by Rs 2 each to Rs 443 and Rs 936-938 per kg, respectively.

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

Zinc ingot Rs 141-147, nickel plate (4x4) Rs 936-938, gun metal scrap Rs 227, bell metal scrap Rs 229, copper mixed scrap Rs 443, chadri deshi Rs 295.

Lead ingot Rs 148, lead imported Rs 155, aluminum ingots Rs 170, aluminum sheet cutting Rs 166, aluminum wire scrap Rs 166 and aluminum utensils scrap Rs 164.