Metals down on global trend

Print this page Posted on : 05-31-2008 by recycleinme.com

Metals virtually melted on Friday in the local market by declining up to 7 per cent on account of stockists selling, triggered by weak global markets. Traders said reports of weakness at London Metal Exchange (LME) after base metals' inventories increased sharply, mainly pressured prices on the domestic markets. They said slow down in buying by China too aided the bearish sentiments. Zinc ingot prices fell by Rs 7 at Rs 106 per kg after its prices at LME fell by $135 a tonne. Nickel plate 4x4 also continued its weakness and prices fell by another Rs 45 at Rs 1,165-1,255 per kg. Copper super d rod lost Rs 30 at Rs 356 per kg while copper wire bar fell by Rs 25 at Rs 350 per kg.

Source : Business Line