Monday, November 29, 1999

Base metals drop on fresh selling

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New Delhi, June 17 (PTI) Base metals prices led by copper fell up to Rs 5 per kg on the local non-ferrous metals market today, as traders reduced their positions on the back of a weakening global trend. Trading sentiment turned bearish, as copper mainly used in construction and electric wiring, declined overseas after a drop in US housing sale. Traders said apart from weakening trend in base metals at the London Metal Exchange, fresh selling by traders further pulled down the prices here in domestic markets. In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were down by Rs 2 each to Rs 358, Rs 377 and Rs 337, while nickel (4x4) lost Rs 5 to Rs 874-988 per kg. In line with a general weakening trend, zinc ingot, lead ingot and lead imported were traded lower by Rs one each at Rs 120, Rs 117 and Rs 120 per kg. Following were today''s quotations in Rs per kg: Tin ingot 795, zinc ingot 120.00, nickel plate (4x4) 874-988, gun metal scrap 226 bell metal scrap 228, copper wire scrap 358, copper wire bar 377, copper mixed scrap 337.00, Utensil scrap 224, Chadripital 175. Lead ingot 117, lead imported 120, aluminium ingots 102, sheet cutting 103, aluminium wire scrap 100 and aluminium utensils scrap 100.

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