INDIA March 13 2017 3:42 PM

MUMBAI (Scrap Register): India's major brass and copper scrap prices continued to drop on Friday, while copper futures prices at India's Multi Commodity Exchange edged up as a surge in inventories halted and workers began an indefinite strike at the Cerro Verde mine in Peru, raising supply fears.

India's major brass and copper scrap commodities like electrolytic copper strip 25mm, copper shell 40mm, copper heavy scrap, copper cathod lme ++, copper cable scrap, copper armature, cc rod lme ++, acr copper coil 3/8, brass huny scrap and brass accessories traded lower on Friday.

The most active April copper contract on the India's Multi Commodity Exchange settled up by 0.288 percent to Rs. 382.80 per kilogram on Friday from previous close of Rs. 381.70 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 385.95 per kilogram and an intra-day low of Rs. 380.75 per kilogram during Friday.

Three-month copper on the London Metal Exchange was up 1.2 percent at $5,802 a tonne. The metal lost 3.1 percent last week, the most since December. Industrial metals rose broadly as a week-long rout of global commodities caused by a strong US dollar, concerns of supply gluts and tepid demand from China began to falter.