India Brass, Copper Scrap prices decline; MCX Copper edges up

INDIA September 22 2015 6:51 PM

MUMBAI (Scrap Register): India major brass and copper scrap commodities prices declined on Monday, while copper futures prices at India's Multi Commodity Exchange advanced as supply disruptions in Chile and the US interest rate decision continued to boost the price of the industrial metal.

The major brass and copper scrap commodities declined on Scrap Register Price Index as on Monday. India's major scrap commodities like brass accessories, brass huny scrap, copper mixed scrap, copper pat, copper wire scrap, traded down on Monday.

The most active November copper contract on Multi Commodity Exchange settled up by 0.17% to Rs. 351.15 per kilogram on Monday from previous close of Rs. 350.55 kilogram.

The MXC copper prices touched an intra-day high of Rs. 354.65 per kilogram and an intra-day low of Rs. 349.90 per kilogram during Monday. The open interest of the contract stood at 15628 lots.

An earthquake in the world's largest copper producer, Chile, upset operations at two key mines early last Thursday and has continued to stoke fears about supply. Later that day, the US FOMC voted to keep rates unchanged. 

Despite the earthquake in Chile, some market player say that supply remains robust and copper production will outpace demand in the medium-term.