India Brass, Copper Scrap prices advance; Copper Futures slightly up

Published: Apr 13, 2017 09:37

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India major brass and copper scrap prices advanced on Tuesday tracking the up trend of copper futures prices at India's Multi Commodity Exchange.

INDIA April 12 2017 4:12 PM

NEW DELHI (Scrap Register): India major brass and copper scrap prices advanced on Tuesday tracking the up trend of copper futures prices at India's Multi Commodity Exchange, led by concerns about oversupply as the world's top two copper mines look to recover from disruptions.
India's major brass and copper scrap commodities like brass huny scrap, brass pales scrap, brass pallu scrap, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper shell 40mm and electrolytic copper strip 25mm showed an up trend on Scrap Register Price Index as on Tuesday.
The most active April copper contract on the India's Multi Commodity Exchange settled higher by 0.188 percent to Rs. 373.25 per kilogram on Tuesday from previous close of Rs. 372.55 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 374.40 per kilogram and an intra-day low of Rs. 369.40 per kilogram during Tuesday.
Copper has faltered after BHP Billiton restarted production in Chile last week and Freeport McMoRan said it was waiting for final details on a temporary export permit in Indonesia. Concerns over supply disruptions had sent the metal to a 1-1/2 year high of $6,204 in mid-February.
The discount of LME cash copper to the three-month contract was at $32 a tonne, close to the biggest in four years, indicating adequate supply of refined metal in the market. Union representatives and executives from miner Southern Copper in Peru failed to reach an accord to end an indefinite strike, the union said.

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