Base metal slides on global cues

Base metal prices drifted lower by up to Rs 3 per kg at the non-ferrous metals market Monday, tracking a weak trend overseas.

Traders said sentiment turned bearish after copper was delivery in three months at the London Metal Exchange (LME) was down 1.9 percent at USD 5,861 per tonne on reports that US tariffs on USD 200 billion of Chinese goods could be imposed immediately, raising fears that demand for industrial metals will soften.

Also, the most-traded November copper contract on the Shanghai Futures Exchange slipped 1.4 percent to 47,940 yuan (USD 6,977.86) a tonne.

In the national capital, copper mixed scrap and nickel plate (4x4) fell by Rs 2 and Rs 3 to Rs 445 and Rs 937-939 per kg, respectively.

Lead ingot and lead imported also shed Rs 2 each at Rs 150 and Rs 157 per kg, respectively.

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

Zinc ingot Rs 145-151, nickel plate (4x4) Rs 937-939, gun metal scrap Rs 227, bell metal scrap Rs 229, copper mixed scrap Rs 445, chadri deshi Rs 295.

Lead ingot Rs 150, lead imported Rs 157, aluminum ingots Rs 170, aluminum sheet cutting Rs 166, aluminum wire scrap Rs 166 and aluminum utensils scrap Rs 164.