India: Copper, lead weakens on global cues

New Delhi, May 5 (PTI) Prices of copper and lead fell by Rs 5 per kg in the local non-ferrous metal market today on reduced offtake by industrial units amid a weakening global trend.

Trading sentiments remained bearish as copper and lead in London dropped to their lowest prices in more than seven weeks on concerns that policy tightening in China may curb demand in the largest user.

Meanwhile, copper for three-month delivery fell by 0.7 per cent to USD 9,061 a metric tonne, the lowest level since March 15, lead lost 2.2 per cent to USD 2,400 a metric tonne, the lowest price since March 11.

In the national capital, copper wire scrap, copper wire bar and copper mixed scrap fell by Rs 5 each to Rs 505, Rs 528 and Rs 489,respectively, while lead ingot and lead imported traded lower by the same margin to Rs 140 and Rs 142 per kg, respectively.

Following were today''s quotations per kg:

Tin ingot 855, zinc ingot 135.50, nickel plate (4x4) 1,070-1,072, gun metal scrap 226 bell metal scrap 228, copper wire scrap 505, copper wire bar 528, copper mixed scrap 489, Utensil scrap 224, Chadripital 175.

Lead ingot 140, lead imported 142, aluminium ingots 109, sheet cutting 110, aluminium wire scrap 110 and aluminium utensils scrap 107.

(Source: http://in.news.yahoo.com/copper-lead-weakens-global-cues-095200630.html)