India major Brass, Copper Scrap prices gain further in line with Copper Futures

INDIA May 24 2017 5:29 PM

NEW DELHI (Scrap Register): India's major brass and copper scrap prices on Scrap Register Price Index as on Tuesday in line with copper futures prices at India's Commodity Exchange as workers at the giant Grasberg copper mine at Freeport McMoRan Inc will extend a strike for a second month.

India's major brass and copper scrap commodities like brass shell 40mm, acr copper coil 3/8, cc rod lme ++, copper armature, copper cathod lme ++, copper shell 40mm and electrolytic copper strip 25mm traded higher on Scrap Register Price Index as on Tuesday.

The most active June copper contract on the India's Multi Commodity Exchange settled higher by 0.57 percent to Rs. 373.60 per kilogram on Tuesday from previous close of Rs. 371.50 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 373.80 per kilogram and an intra-day low of Rs. 369.25 per kilogram during Monday.

An estimated 9,000 workers at the giant Grasberg copper mine operated by the Indonesian unit of Freeport McMoRan will extend a strike for a second month, a union official said.

China's imports of refined copper in April slid by 41 percent from a year ago, trade data showed on Tuesday, as traders found their buying power crimped by tighter access to credit.