India Brass, Copper Scrap, Copper Futures prices fall after surge in LME inventories

INDIA March 08 2017 3:11 PM

MUMBAI (Scrap Register): India's major brass and copper scrap prices declined on Tuesday, while copper futures prices at India's Multi Commodity Exchange ended lower as pressured by the sudden surge of supply into the London Metal Exchange’s warehouses.

India's major brass and copper scrap commodities like brass sheet scrap, brass shell 40mm, 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 traded down on Tuesday.

The most active April copper contract on the India's Multi Commodity Exchange settled lowed by 1.29 percent to Rs. 386.80 per kilogram on Tueday from previous close of Rs. 391.85 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 392.50 per kilogram and an intra-day low of Rs. 385.30 per kilogram during Tueday.

LME copper stocks surged by 38,825 tonnes across mostly Asian warehouses, data showed on Monday, following a bumper build in weekly Shanghai Futures Exchange inventories on Friday. 

On-warrant copper inventories in London Metal Exchange warehouses - those not earmarked for shipment and availa ble to investors - have soared by 74 per cent this week after inflows into mostly Asian depots, LME data showed.