Base metals prices fall due to global cues, low demand

Base metal prices fell by up to Rs 3 per kg at the non-ferrous metals market Monday largely in line with a weak trend overseas amid easing demand from consuming industries.

Traders said sentiment turned bearish on a weak trend in the base metals at London as buying was thinned by holidays in China and Japan.

Meanwhile, copper for delivery in three-month retreated 1 percent to USD 6,303 per tonne, after prices surged by 4.6 percent in the previous session to USD 6,382.50 a tonne, the highest since July 10 On the London Metal Exchange.

In the national capital, copper mixed scrap and nickel plate (4x4) drifted lower by Rs 2 and Rs 3 to Rs 449 and Rs 947-949 per kg, respectively.

Zinc ingot, lead ingot and lead imported also settled lower by Rs 2 each to Rs 149-155, Rs 152 and Rs 159 per kg, respectively.

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

Zinc ingot Rs 149-155, nickel plate (4x4) Rs 947-949, gun metal scrap Rs 227, bell metal scrap Rs 229, copper mixed scrap Rs 449, chadri deshi Rs 295.

Lead ingot Rs 152, lead imported Rs 159, aluminum ingots Rs 170, aluminum sheet cutting Rs 166, aluminum wire scrap Rs 166 and aluminum utensils scrap Rs 164.