INDIA May 03 2017 5:03 PM
AHMEDABAD (Scrap Register): Major brass and copper scrap prices in India gained on Tuesday, while copper futures prices at India's Multi Commodity Exchange settled down mainly due to concerns about supply disruptions in Indonesia, but caution over slowing demand in top consumer China capped gains.
India's major brass and copper scrap commodities like brass pales scrap, brass pallu scrap, brass sheet cuttings, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper heavy scrap, copper shell 40mm and electrolytic copper strip 25mm showed an up trend on Tuesday.
The most active June copper contract on the India's Multi Commodity Exchange ended down by 1.17 percent to Rs. 376.10 per kilogram on Tuesday from previous close of Rs. 380.55 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 378.80 per kilogram and an intra-day low of Rs. 374.30 per kilogram during Tuesday.
Thousands of workers from the Indonesian unit of Freeport McMoRan Inc staged a rally near the Grasberg copper mine on Monday, protesting against layoffs by the miner due to a contract dispute with the government.
While China's factory sector lost momentum in April, with growth slowing to its weakest pace in seven months as domestic and export demand faltered and commodity prices fell, a private survey showed on Tuesday.