INDIA October 26 2015 3:45 PM
MUMBAI (Scrap Register): India major brass and copper scrap commodities prices stayed flat on Friday, while copper futures prices at India's Multi Commodity Exchange settled down, after a strong dollar offset optimism stemming from top metals consumer China cutting interest rates to boost its slowing economy.
The major copper scrap commodities traded almost flat on Scrap Register Price Index as on Friday. India's major copper scrap commodities like copper cable scrap, copper heavy scrap, copper armature, copper sheet cutting, copper super d.rod, c copper utensil scrap and copper wire bars remained unchanged on Friday.
The major brass scrap commodities also traded stable on Scrap Register Price Index as on Friday. India's major brass scrap commodities like brass huny scrap, brass sheet cuttings, brass utensil scrap also stayed flat on Friday.
However, the most active November copper contract on Multi Commodity Exchange settled down by 1% to Rs. 340.30 per kilogram on Friday from previous close of Rs. 343.75 per kilogram. The MCX copper prices touched an intra-day high of Rs. 348.20 per kilogram and an intra-day low of Rs. 338.90 per kilogram during Friday.
However downside seen limited as inventories fell to an eight-month low and concern mounted that a mine strike will disrupt production in Peru, fueling speculation that supplies may be tighter than expected.
Workers at Chinalco Resources Corp.’s Peruvian unit, which operates the Toromocho copper mine, are on strike, the company said in a statement. Stockpiles in warehouses tracked by the London Metal Exchange fell for a fourth straight day to the lowest since Feb. 4.
