INDIA April 19 2017 3:24 PM
MUMBAI (Scrap Register): India major brass and copper scrap prices showed a flat trend on Tuesday while copper futures prices at India's Multi Commodity Exchange mainly due to China's base metals demand could temper in the coming quarter following a wobble in steel.
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 shell 40mm, brass utensil scrap, acr, copper coil 3/8, copper armature, copper heavy scrap, copper mixed scrap, copper pat, copper sheet cutting, copper shell 40mm, copper super d.rod, copper utensil scrap, copper wire bars, copper wire scrap and electrolytic copper strip 25mm remained flat on Tuesday.
The most active April copper contract on the India's Multi Commodity Exchange ended down by 2.42 percent to Rs. 361.20 per kilogram on Tuesday from previous close of Rs. 370.15 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 369.80 per kilogram and an intra-day low of Rs. 359.30 per kilogram during Tuesday.
Pressure seen after the update that Freeport McMoRan Inc has received preliminary approval to resume copper concentrate exports from its Indonesian operation and hopes to lodge an application for an export permit this week, a company spokesman said.
While a supervisor at the Salvador copper mine owned by Chile's Codelco died in an accident on Tuesday, causing the state-owned company to suspend operations at its concentrator plant there. Also support seen from prices in China's sizzling property market, a major driver of growth in the world's second-largest economy, accelerated in March on a monthly basis, shaking off cooling measures introduced to dampen speculative demand.