INDIA March 07 2017 4:31 PM
MUMBAI (Scrap Register): India's major brass and copper scrap prices gained on Monday, while copper futures prices at India's Multi Commodity Exchange dropped despite interruptions in supplies at major mines around the globe.
India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass pales scrap, brass pallu scrap, brass shell 40mm, brass utensil scrap, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++,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 showed an up trend during Monday.
The most active April copper contract on the India's Multi Commodity Exchange settled lowed by 1.67 percent to Rs. 391.85 per kilogram on Monday from previous close of Rs. 398.50 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 397.95 per kilogram and an intra-day low of Rs. 390.75 per kilogram during Monday.
Meanwhile copper mine Escondida, the largest of its kind in the world, located in Chile, is still under strong tensions with a strike that escalated when workers blocked their access routes. The Chilean government recently lamented the persistence of the strike, which caused a drop in the country's copper production by 12 percent in February.
Escondida, controlled by Anglo-Australian firm BHP Billiton, is strategically important because it has a direct impact on the international market. Mining Minister Aurora Williams detailed that the mine has stopped producing between 95 thousand and 100 thousand tons of copper to date.