Copper remains weak on global cues

PTI New Delhi | Updated on April 02, 2011

Copper rods used for making pumps. (File Photo)

Copper remained weak for the second straight day and shed another Rs 2 a kg on the non-ferrous metal market on Saturday on sustained selling by stockists influenced by a weakening trend at New York.

Sentiment in copper remained weak as copper fell to a two-week low in New York on signs that China, the world’s biggest buyer of industrial metals, may take more steps to restrain the economy and cool inflation.

Meanwhile, copper futures for May delivery fell 4.9 cents, or 1.1 per cent, to close at $4.258 a pound on the Comex in New York.

In the national capital, copper wire crap, copper wire bar and copper mixed scrap fell further by Rs 2 each to Rs 500, Rs 523 and Rs 484 a kg, respectively.

Following were today’s quotations for a kg: Tin ingot 840, zinc ingot 127.50, nickel plate (4x4) 1,052-1,054, gun metal scrap 226 bell metal scrap 228, copper wire scrap 500, copper wire bar 523, copper mixed scrap 484, Utensil scrap 224, Chadripital 175.

Lead ingot 133, lead imported 135, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102.

Published on April 02, 2011

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