Base metals soften on reduced offtake, global cues

Base metal prices fell by up to Rs 5 per kg at the non-ferrous metal market today due to reduced offtake by stockists following easing demand from consuming industries at domestic spot market.

Weak trend overseas also weighed on prices.

Globally, nickel slumped 1.7 per cent and copper fell 0.6 per cent on the London Metal Exchange. Nickel led base metals lower as Moody s reduced its rating on China amid concerns over rising debt and slowing economic growth.

Traders said besides reduced offtake by stockists, fall in demand from consuming industries at domestic spot market, mainly led to the decline in base metal prices.

In the national capital, copper mixed scrap and nickel plate (4x4) fell by Rs 2 and Rs 5 to Rs 345 and Rs 787-797 per kg, respectively.

Lead ingot and lead imported also declined by Rs 2 each to Rs 92 and Rs 98 per kg, respectively.

Zinc ingot too shed Rs 2 at Rs 104-110 per kg.

Following are today's metal rates (in Rs per kg): Zinc ingot Rs 106-112, Nickel plate (4x4) Rs 787-797, gun metal scrap Rs 227, Bell metal scrap Rs 229, copper mixed scrap Rs 345, chadri deshi Rs 295.

Lead ingot Rs 92, lead imported Rs 98, aluminium ingots Rs 154, aluminium sheet cutting Rs 150, aluminium wire scrap Rs 150 and aluminium utensils scrap Rs 148.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)