INDIA January 18 2017 2:18 PM

MUMBAI (Scrap Register): India's major brass and copper scrap prices declined on Tuesday, while copper futures prices at India's Multi Commodity Exchange posted its biggest loss in almost a month amid concerns over US-China trade friction and the U.K.’s plans to leave the European Union. 

India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass sheet cuttings, brass sheet scrap, brass shell 40mm, brass utensil scrap, acr copper coil 3/8, cc rod lme ++, copper armature, copper cathod lme ++, copper heavy scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper utensil scrap, copper wire scrap and electrolytic copper strip 25mm traded lower on Tuesday.

The most active February copper contract on the India's Multi Commodity Exchange fell by 1.46% to Rs. 394.20 per kilogram on Tuesday from previous close of Rs. 400.05 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 391.40 per kilogram and an intra-day low of Rs. 398.90 per kilogram during Monday.

U.K. Prime Minister Theresa May offered her most explicit vision of Britain’s future relationship with its EU neighbors, pledging to quit the single market and seek a customs agreement with the bloc to deliver a smooth and orderly Brexit.

In China, President Xi Jinping pushed back against criticism of globalization by Donald Trump and other Western populists. Copper also fell as investors trimmed positions before China’s Lunar New Year holiday.