Indian Copper Scrap prices drop in line with MCX Copper; Brass Scrap Stay flat

INDIA September 23 2015 3:21 PM

MUMBAI (Scrap Register): India major copper scrap commodities prices dropped on Tuesday in line with copper futures prices at India's Multi Commodity Exchange as worries about China's economy pulled stocks sharply lower, while bond yields declined and the dollar rose to a two-week high on bets U.S. officials will soon hike interest rates.

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

However major brass scrap commodities remained flat on Scrap Register Price Index as on Tuesday. India's major brass scrap commodities like brass accessories, brass huny scrap, brass sheet cuttings, brass utensil scrap stayed stable on Tuesday.

However, the most active November copper contract on Multi Commodity Exchange settled down by 3.3% to Rs. 339.55 per kilogram on Tuesday from previous close of Rs. 351.15 per kilogram. The MXC copper prices touched an intra-day high of Rs. 350.70 per kilogram and an intra-day low of Rs. 337.90 per kilogram during Tuesday.

Copper worst performer suffered from a slowing Chinese economy and a shift in growth towards sectors that require less commodity imports. 

So far, copper prices have failed to react significantly to news of supply disruptions in Zambia and Chile, remaining more responsive to news from China, the world’s largest consumer, accounting for about 45% of world demand last year.