Base metals slide on global cues

Led by nickel, they fell up to Rs. 5 per kg at the non-ferrous metal market.

Published - October 26, 2015 04:05 pm IST - NEW DELHI:

Base metals, led by nickel fell up to Rs. 5 per kg at the non-ferrous metal market on Monday, tracking a weak trend overseas.

Traders said sentiments turned bearish after base metals fell at global markets as demand is expected to continue to weaken in China despite the central bank’s decision to cut interest rates for the sixth time in a year.

Globally, nickel for delivery in three months lost 0.4 per cent to $10,470 a metric tonne on the London Metal Exchange (LME).

Nickel plate cheaper

In the national capital, nickel plate (4x4) and copper mixed scrap fell Rs. 5 and Rs. 2 to Rs. 902 to Rs. 907 and Rs. 364 per kg, respectively.

Zinc ingot, lead ingots and lead imported were down by Rs. 2 each to Rs. 114 to Rs. 120, Rs. 96 and Rs. 102 a kg, respectively.

Aluminium ingots, sheet cutting, wire scrap and utensils scrap were also enquired lower by Rs. 2 each to Rs. 148, Rs. 144, Rs. 144 and Rs. 142 per kg, respectively.

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