Base metals slip on global cues, sluggish demand

NEW DELHI, Aug 6: Prices of base metals went lower by up to Rs 3 per kg at the non-ferrous metals market today tracking a weak trend overseas amid easing demand from consuming industries.
Traders said sentiment turned bearish after London copper edged lower as the dollar index ticked higher, making metals more expensive for holders of other currencies, even as China’s move to place retaliatory tariffs on USD 60 billion of US goods heightened trade tensions.
Globally, copper for delivery in three month was trading down 0.3 per cent at USD 6,158.50 a tonne on the London Metal Exchange.
Besides, subdued demand from consuming industries at domestic spot market fuelled the downtrend.
In the national capital, copper mixed scrap and nickel plate (4×4) fell by Rs 2 and Rs 3 to Rs 432 and Rs 907-910 per kg, respectively.
Zinc ingot, lead ingot and lead imported also enquired lower by Rs 2 each to Rs 131-137, Rs 136 and Rs 143 per kg, respectively.
Following are today’s metal rates (in Rs per kg):
Zinc ingot Rs 131-137, nickel plate (4×4) Rs 907-910, gun metal scrap Rs 227,  bell metal scrap Rs 229, copper mixed scrap Rs 432, chadri deshi Rs 295.
Lead ingot Rs 136, lead imported Rs 143, aluminium ingots Rs 168, aluminium sheet  cutting  Rs 164, aluminium wire scrap Rs 164 and aluminium utensils scrap Rs 162. (PTI)