India Brass, Copper Scrap prices advance; Copper Futures drop 1.73 percent

INDIA February 15 2017 3:27 PM

MUMBAI (Scrap Register): India's major brass and copper scrap prices advanced on Tuesday, while copper futures prices at India's Multi Commodity Exchange dropped 1.73 percent as investors took profits and a strengthening U.S. dollar weighed on the metal.

India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass shell 40mm, acr copper coil 3/8, copper armature, copper cable scrap, copper heavy scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper utensil scrap, copper wire scrap and electrolytic copper strip 25mm traded higher on Tuesday.

The most active February copper contract on the India's Multi Commodity Exchange settled lower by 1.73 percent to Rs. 404.30 per kilogram on Tuesday from previous close of Rs. 411.40 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 414.65 per kilogram and an intra-day low of Rs. 400.75 per kilogram during Tuesday.

Striking workers at Chile's massive Escondida copper mine have accepted a government invitation to try to resume dialogue with mine operator BHP Billiton as the strike entered its sixth day on Tuesday. 

Traders said the news hit a market worried that funds who have taken bullish positions might be ready to sell on any signal that the strike may be concluded. There was no guarantee, however, that the two sides would make progress in the mediation.