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

INDIA October 07 2015 2:15 PM

MUMBAI (Scrap Register): India major copper scrap commodities prices dropped on Tuesday, while copper futures prices at India's Multi Commodity Exchange as speculation that the Federal Reserve will delay raising interest rates boosted the appeal of metals as a store of value.

The major copper scrap commodities traded down on Scrap Register Price Index as on Tuesday. India's major copper scrap commodities like copper armature, copper cable scrap, copper mixed scrap, copper pat, copper sheet cutting, copper super d.rod, copper wire bars and copper wire scrap traded down on Tuesday.

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The major brass scrap commodities also traded down on Scrap Register Price Index as on Tuesday. India's major brass scrap commodities like brass accessories, brass sheet cuttings and brass utensil scrap dropped on Tuesday.

However, the most active November copper contract on Multi Commodity Exchange settled down by 0.12% to Rs. 343.35 per kilogram on Tuesday from previous close of Rs. 342.95 per kilogram. The MXC copper prices touched an intra-day high of Rs. 345.90 per kilogram and an intra-day low of Rs. 339.70 per kilogram during Tuesday.

U.S. economic growth has traders scaling back on wagers that the Fed will start tightening monetary policy by December, according to futures data compiled by Bloomberg. 

Investors tend to snub commodities when rates rise because the raw materials don’t provide yields, unlike competing assets. The prospect of low rates has also taken the steam out of the dollar’s rally, making metals a more attractive alternative.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)