LONDON (Commodity Online): World over, copper and some other base metals have been witnessing a downfall season now following the European financial mess and China's decision to crack down on realty sector.
Copper's downward journey was also witnessed in India this week with copper futures traded almost flat as worries about growing fiscal crisis in Europe hit global markets.
In copper 316 remains a crucial resistance, prices might drift towards 312-310 rupees.
European leaders warned this week that the debt crisis could spread like a bush fire beyond Greece, which prompted a sell-off in stocks and the euro.
In other base metals, zinc May MZIK0 was trading 0.37 percent lower Rs 94.85 per kg, while lead for May delivery was trading 0.34 percent lower at Rs 88.55.
Nickel for May delivery MNKK0 was trading 3.84 percent lower Rs 971.70 per kg.
Also, Nickel may lose its steam after a rally in April as China's latest monetary measure to cool the economy and crack down on sizzling property market could slash demand for the metal.
The spot nickel price in Shanghai was down 6,250 yuan ($915). LME nickel dipped more than 1 percent to an almost one-month low of $24,350 per ton.
China's central government hiked the bank reserve requirement ratio by 50 basis points on Sunday, the third such increase this year, indicating the country's intention to cool the overheating economy.
China's gross domestic product (GDP) increased 11.9 percent in the first quarter, the highest growth rate in three years, surpassing most economists' estimates. The country's GDP growth in 2009 was 10.7 percent.
China was one of the largest consumers of nickel in 2008, accounting for one-fifth of the total global consumption of 1 million tons.
In addition, nickel pig iron, which can replace the traditional electrolytic nickel in stainless steel, will drag down the price of the metal further as the substitute may cause a supply glut.