India Brass, Copper Scrap prices remain stable; Copper Futures slightly up

INDIA March 16 2017 4:34 PM

MUMBAI (Scrap Register): India's major brass and copper scrap prices remained stable on Wednesday, while copper futures prices at India's Multi Commodity Exchange slightly up led by a weaker dollar and continuing supply problems, including stoppages at the world's two biggest mines.

India's major brass and copper scrap commodities like brass accessories, brass bharat accessories, brass chadripital desi, brass huny scrap, brass pales scrap, brass pallu scrap, brass radiator desi, brass radiator imported, brass sheet cuttings, brass sheet scrap, brass shell 40mm, brass utensil scrap, acr copper coil 3/8, copper armature, copper heavy scrap, copper sheet cutting, copper shell 40mm, copper utensil scrap, copper wire bars and electrolytic copper strip 25mm showed a flat trend on Wednesday.

The most active April copper contract on the India's Multi Commodity Exchange settled slightly up by 0.34 percent to Rs. 386.80 per kilogram on Wednesday from previous close of Rs. 385.50 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 388.80 per kilogram and an intra-day low of Rs. 383.15 per kilogram during Wednesday.

China's Premier Li Keqiang reassured investors on Wednesday that the world's second-largest economy and top metals consumer was strong and not at risk of a hard landing following recent buoyant economic data. Escondida plans to restart operations after striking workers again rejected an invitation to return to negotiations. 

A strike at Peru's top copper mine, Cerro Verde, may end next week if the labour ministry declares it illegal, the head of the union said on Tuesday. Chile-based Antofagasta said copper prices will continue rising this year after an increase of 17% in 2016. Antofagasta expects deficit in copper supply in 2017, so copper prices will not drop to a low seen in 2016.