Base metal prices turn weak on global cues

Base metal prices turn weak on global cues

New Delhi, 18 September Base metal prices fell in the non-ferrous metal market here today in view of lower overseas advices amid increased offerings by stockists.

Traders said that subdued London Metal Exchange (LME) advices coupled with increased offerings by stockist and poor offtake by consuming industries led to the fall in base metal prices.

At LME, nickel quoted lower by$400 at$29000 and lead lost by $80 at $3130 followed by zinc which lost $70 to settle at $2785.

Nickel plate 4x4, 9x9 and 4x24 surrendered fresh grounds on withdrawal of support and quoted lower by 10 at 1340-1490, 1360-1485 and 1365-1495 a kilo respectively on lower overseas advices.

Lead ingot and lead imported dropped by Rs5 each at Rs105 and Rs130-140 a kilo respectively.

Zinc slab too met with resistance in line with general trend and concluded lower at 170 against 175 a kilo.