ET:Select base metal prices decline on global cues
MUMBAI: Select copper, brass, aluminium, zinc and tin prices declined at the non-ferrous metal market here today on stockists selling amidst subdued demand from industrial users on the back of lower London Metal Exchange (LME) cues.
Meanwhile, nickel recovered due to renewed offtake from alloy industries.
The industrial metal fell at the LME to its lowest since mid-May after soft Chinese economic data at the weekend stoked worries that growth is still slowing in the world's second-biggest economy.
Brass sheet cutting shot-up by Rs 6 per kg to Rs 334 from last Saturday's closing level of Rs 340 and Tin dropped by Rs 5 per kg to Rs 1,355 from Rs 1,345.
Copper cable scrap, copper scrap heavy and copper wire bar fell by Rs 3 per kg each to Rs 485, Rs 478 and Rs 513 from Rs 488, Rs 481 and Rs 516, respectively.
Copper utensils scrap moved down by Rs 2 per kg to Rs 442 from Rs 444.
Brass utensil scrap, aluminium ingots and zinc all softened by a rupee per kg each to Rs 326, Rs 146 and Rs 142.
However, nickel climbed by Rs 2 per kg to Rs 992 from Rs 990 previously.