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Select base metals slip on low demand, global cues

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Mumbai: Select base metals, including nickel and brass, slipped at the non-ferrous metal market here today on stockists selling amid low demand from industrial users on the back of bearish global cues. Meanwhile, tin firmed up on sustained buying from alloy industries.

Globally, industrial metal copper futures fell to a six-week low in early LME trade and moved closer to a six-year low amid a firmer dollar and sustained economic weakness in top copper consumer China. Nickel fell by Rs 5 per kg to Rs 790 from Monday’s close of Rs 795. Copper cable scrap, copper scrap heavy and copper wire bar all moved down by Rs 2 per kg each to Rs 397, Rs 390 and Rs 425 as against Rs 399, Rs 392 and Rs 427 yesterday.

Copper armiture and brass sheet cutting also softened by a rupee per kg to Rs 380 and Rs 288. However, tin rose by Rs 5 per kg to Rs 1,150 from overnight close of Rs 1,145.


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