INDIA June 05 2017 4:43 PM
NEW DELHI (Scrap Register): India's major brass and copper scrap prices fell on the Scrap Register Price Index as on Friday in line with copper futures prices at India's Commodity Exchange as the dollar recovered and investors eyed an increase in Shanghai inventories.
India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass utensil scrap, copper heavy scrap, copper mixed scrap, copper pat, copper super d.rod, copper utensil scrap and copper wire scrap showed a weak trend on the Scrap Register Price Index as on Friday.
The most active June copper contract on the India's Multi Commodity Exchange dropped by 0.46 percent to Rs. 367.05 per kilogram on Friday from previous close of Rs. 368.75 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 367.70 per kilogram and an intra-day low of Rs. 365.80 per kilogram during Friday.
According to International Copper Study Group (ICSG), global refined copper production is estimated to have remained essentially unchanged in the first two months of this year with primary production (electrolytic and electrowinning) declining by 3% and secondary production (from scrap) increasing by 11%.
Increased availability of scrap allowed world secondary refined production to increase, notably in China. The main contributor to growth in world refined production was China (increase of 4%) followed by Mexico (14%) where expanded SX-EW capacity contributed to refined production growth.