NEW DELHI (Scrap Register): India's major brass and copper scrap prices dropped on Monday tracking weakness from copper futures prices at India's Multi Commodity Exchange after workers at the world’s largest copper mine, BHP Billiton’s Escondida in Chile, ended their strike.
India's major brass and copper scrap commodities like India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass sheet 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 wire scrap and electrolytic copper strip 25mm traded lower on Monday.
The most active April copper contract on the India's Multi Commodity Exchange settled down by 0.47 percent to Rs. 378.95 per kilogram on Monday from previous close of Rs. 380.75 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 380.70 per kilogram and an intra-day low of Rs. 370.15 per kilogram during Monday.
There is so much uncertainty, Escondida, Indonesia, the Philippines, and on the demand side it seems China isn't doing too badly, especially given upbeat global sentiment and improving growth in advanced economies.
New U.S. single-family home sales jumped to a seven-month high in February, suggesting the housing market recovery was gaining momentum despite higher prices and rising mortgage rates. The union at Chile's Escondida copper mine has ended its 43-day strike by invoking a legal provision to extend workers' old contract by 18 months, leaving owner BHP Billiton in a weaker position for future negotiations.