Weak global Indications Make Base metals fall
By JohnPaul
Posted on : 5/25/2010
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Today the local non-ferrous metal market indicates a brisk selling
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Today the local non-ferrous metal market indicates a brisk selling by copper stockisits led copper fell upto Rs.5 indicates a weakening global trend on European debt crisis. Due to this we are able to see trading sentiment turned week after copper and other metals drooping in global market., after signs that Europe's debt crisis may spread and China may step up measures to avert asset bubbles, the stage at which you can't prevent disaster, renewing speculation that the economic growth may slow.
Marketmen said besides weakening global trend; fall in demand mainly pulled down base metal prices. Meanwhile, copper for three month delivery dropped 1.7 per cent $ 6,790, nickel by 2.4 per cent to $ 21,660 and lead 1.6 per cent to $ 1,800 a metric tonne on the London Metal Exchange.
Copper wire scrap, copper wire bar and copper mixed scrap were down by Rs 5 each per Kg.
Copper wire scrap to Rs 352
Copper wire bar: Rs 371
Copper mixed scrap: Rs 331
Nickel (4x4) : Rs 875-989.
Lead ingot, lead imported and zinc ingot also traded lower by Rs 3 each to Rs 116, Rs 118 and Rs 121 per kg, respectively.
Lead ingot: Rs 116
Lead imported: Rs 118
Zinc: Rs 121
Following were today's quotations in Rs per kg:
Tin ingot 790,
Zinc ingot 121.00,
Nickel plate (4x4) 875-989,
Gun metal scrap 226
Bell metal scrap 228,
Copper wire scrap 352,
Copper wire bar 371,
Copper mixed scrap 331.00,
Utensil scrap 224,
Chadripital 175.
Lead ingot 116,
Lead imported 118,
Aluminum ingots 97,
Sheet cutting 98,
Aluminum wire scrap 97
Aluminum utensils scrap 96.
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