India Brass, Copper Scrap prices advance; MCX Copper remains flat

UNITED STATES September 18 2015 12:21 PM

MUMBAI (Scrap Register): India major brass and copper scrap commodities prices advanced on Thursday, while copper futures prices at India's Multi Commodity Exchange stay flat at Rs. 363.45 per kilogram and recovered to its highest in nearly two months after a large earthquake that struck Chile triggered concerns over supply disruptions, before tailing back on persistent worries over China's economy.

The major brass and copper scrap commodities advanced on Scrap Register Price Index as on Thursday. India's major scrap commodities like brass accessories, brass huny scrap, copper mixed scrap, copper pat, copper wire scrap, copper super d.rod traded up on Thursday.

The most active November copper contract on Multi Commodity Exchange settled unchanged at Rs. 363.45 per kilogram on Thursday from previous close. 

The MXC copper prices touched an intra-day high of Rs. 364.80 per kilogram and an intra-day low of Rs. 361.05 per kilogram during Thursday. The open interest of the contract stood at 12097 lots.

A magnitude 8.3 earthquake hit off the coast of Chile, shaking buildings in the capital city of Santiago and generating a tsunami warning for Chile and Peru, the world's top two suppliers of copper. State copper miner Codelco and Antofagasta PLC suspended operations at two major copper mines threatening over 600,000 tons of annual capacity. 

Codelco halted open-pit operations at its large Andina mine and evacuated workers at its smaller Las Ventanas refining and smelting division, while Antofagasta said it had temporarily closed its flagship Los Pelambres mine, and would wait until daybreak to assess the damage.