Base metals remain bearish on global concerns

Speculative selling in base metals continued at the non-ferrous metal market as investors offloaded their positions dragged down by sharp commodity sell-off in overseas on concerns over the health of global economy.
    
Meanwhile, brass sheet cutting recovered modestly owing to better offtake from consumer industries.
    
The industrial metals plunged at the LME on fears over global recession and worsening Eurozone debt crises may trigger slowdown in demand.
    
Nickel tumbled by Rs 20 per kilo to Rs 1,100 from last weekend's closing level of Rs 1,120 and copper sheet cutting slumped by Rs 16 per kilo to Rs 405 from Rs 424 previously.
    
Copper armiture and copper utensils scrap both dropped sharply by Rs 15 per kilo each to Rs 409 and Rs 387.
    
Copper cable scrap, copper scrap heavy and copper wire bar all dipped by Rs 11 per kilo each to Rs 427, Rs 419 and Rs 455.
    
Brass utensils scrap slid by Rs 8 per kilo to Rs 287.
    
Aluminium utensils scrap, zinc and lead eased by Rs 2 per kilo each to Rs 106, Rs 120 and Rs 112 respectively.
    
However, brass sheet cutting gained Rs 3 per kilo to Rs 305 as against Rs 302 last Saturday.