India Brass, Copper Scrap prices drop; MCX Copper settles up-Shanghai Metals Market

Hot Keywords

  • Copper
  • Production data
  • Zinc
  • 2019 South China Metals Summit
  • Inventory data
  • Market commentary
  • Macroeconomics
  • MMi Iron Ore Port Index
  • Sales data
  • Aluminium
  • trend forecast
  • iron ore
  • Operation update
  • Lithium hydroxide
  • Futures movement

India Brass, Copper Scrap prices drop; MCX Copper settles up

Industry News 03:50:01PM Sep 16, 2015 Source:SMM

INDIA September 16 2015 11:26 AM     

MUMBAI (Scrap Register): India  major brass and copper scrap commodities prices dropped on Tuesday; while copper  futures prices at India's Multi Commodity Exchange settled up at Rs. 361.20  recovered from the day's low driven by stocks of refined metal flowing into  China as well as a string of mine closures that promise to tighten the market  over the next couple of years.

The major brass and copper  scrap commodities dropped on Scrap Register Price Index as on Tuesday. India's  major scrap commodities like brass accessories brass, copper mixed scrap, copper  pat, copper wire scrap, copper super d.rod traded down on Tuesday.

The  most active November copper contract on Multi Commodity Exchange settled up by  1.01% or Rs. 3.60 to Rs. 361.20 per kilogram on Tuesday from previous close of  Rs. 357.60 per kilogram.

The MXC copper prices touched an intra-day high  of Rs. 361.70 per kilogram and an intra-day low of Rs. 355.50 per kilogram  during Tuesday. The open interest of the contract stood at 12079  lots.

However, LME copper prices tumbled to a one-week low on Tuesday as  jitters about demand from China fuelled negative sentiment, which was also  undermined by lower equity prices in Shanghai.

Copper plummeted to its  lowest level since the financial crisis in August, falling below $5,000 a ton on  concerns about slowing growth in China, the world’s biggest consumer of the  metal.

But the price jumped by more than 5 per cent last week, after  Glencore added to a series of recent mine closures by some of the world’s  biggest copper producers, announcing it would cut 400,000 tons of production  from two of its operations in Africa.

The recovery has also been helped  by the re-emergence of an import window that makes it profitable to ship refined  copper into China once again. This is leading to copper cathode being pulled out  of storage in China’s bonded warehouse zones and drawn into the domestic  market.


Price

more
#1 Refined Cu
Nov.14
47025.0
-25.0
(-0.05%)
Aluminum Ingot
Nov.14
13930.0
30.0
(0.22%)
#1 Lead
Nov.14
15775.0
-100.0
(-0.63%)
0# Zinc
Nov.14
18490.0
-150.0
(-0.80%)
#1 Tin Ingot
Nov.14
135250.0
-500.0
(-0.37%)

India Brass, Copper Scrap prices drop; MCX Copper settles up

Industry News 03:50:01PM Sep 16, 2015 Source:SMM

INDIA September 16 2015 11:26 AM     

MUMBAI (Scrap Register): India  major brass and copper scrap commodities prices dropped on Tuesday; while copper  futures prices at India's Multi Commodity Exchange settled up at Rs. 361.20  recovered from the day's low driven by stocks of refined metal flowing into  China as well as a string of mine closures that promise to tighten the market  over the next couple of years.

The major brass and copper  scrap commodities dropped on Scrap Register Price Index as on Tuesday. India's  major scrap commodities like brass accessories brass, copper mixed scrap, copper  pat, copper wire scrap, copper super d.rod traded down on Tuesday.

The  most active November copper contract on Multi Commodity Exchange settled up by  1.01% or Rs. 3.60 to Rs. 361.20 per kilogram on Tuesday from previous close of  Rs. 357.60 per kilogram.

The MXC copper prices touched an intra-day high  of Rs. 361.70 per kilogram and an intra-day low of Rs. 355.50 per kilogram  during Tuesday. The open interest of the contract stood at 12079  lots.

However, LME copper prices tumbled to a one-week low on Tuesday as  jitters about demand from China fuelled negative sentiment, which was also  undermined by lower equity prices in Shanghai.

Copper plummeted to its  lowest level since the financial crisis in August, falling below $5,000 a ton on  concerns about slowing growth in China, the world’s biggest consumer of the  metal.

But the price jumped by more than 5 per cent last week, after  Glencore added to a series of recent mine closures by some of the world’s  biggest copper producers, announcing it would cut 400,000 tons of production  from two of its operations in Africa.

The recovery has also been helped  by the re-emergence of an import window that makes it profitable to ship refined  copper into China once again. This is leading to copper cathode being pulled out  of storage in China’s bonded warehouse zones and drawn into the domestic  market.