Monday, November 29, 1999

Base metals melt on reduced offtake, global cues

News posted by www.newsinfoline.com

New Delhi, May 17 (PTI) Copper and other base metals rates fell up to Rs 5 per kg on non-ferrous metals market today on emergence of stockists selling influenced by a weakening trend at the London Metal Exchange. Reduced demand from consuming industries also put pressure on the metal prices. Trading sentiment turned weak after the base metals pack, led by copper tumbled at London Metal Exchange on concern that demand for raw materials will slow, as the European nations slash budgets to curb fiscal deficits. Meanwhile, copper for three-month fell by 3.5 per cent to USD 6,685 a metric tonne on the London Metal Exchange, the lowest price since May 5, aluminium dropped 4.1 per cent to USD 2,015 a tonne, the lowest since Feb 9, and zinc fell 4.9 per cent to USD 1,955 a tonne, the lowest since Feb 5. In the national capital, copper wire scrap, copper wire bar and copper mixed scrap were fell by Rs 5 each to Rs 354, Rs 373 and Rs 333 while nickel (4x4) traded lower by the same margin at Rs 880-994 per kg. Zinc ingot down by Rs 4 to Rs 115 while lead ingot and lead imported down traded lower by Rs 3 each to Rs 115 and Rs 117 per kg. Following were today''s quotations in Rs per kg: Tin ingot 790, zinc ingot 115.00, nickel plate (4x4) 880-994, gun metal scrap 226 bell metal scrap 228, copper wire scrap 354, copper wire bar 373, copper mixed scrap 333.00, Utensil scrap 224, Chadripital 175. Lead ingot 115, lead imported 117, aluminium ingots 97, sheet cutting 98, aluminium wire scrap 97 and aluminium utensils scrap 96.

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