India Brass, Copper Scrap prices fall; Copper Futures advance

INDIA July 12 2017 5:29 PM

NEW DELHI (Scrap Register): India's major brass and copper scrap prices fell on the Scrap Register Price Index as on Tuesday, while copper futures prices at India's Multi Commodity Exchange advanced after a rapid build-up of inventories that has weighed on the market since late June halted and workers voted to strike at a mine in Chile, raising supply concerns.

India's major brass and copper scrap commodities like brass accessories, brass utensil scrap, copper heavy scrap, copper mixed scrap, copper pat, copper super d.rod, copper utensil scrap and copper wire scrap dropped on the Scrap Register Price index on Tuesday.

The most active August copper contract on India's Multi Commodity Exchange settled higher by 0.88 percent to Rs. 382.60 per kilogram on Tuesday from previous close of Rs. 379.25 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 383.20 per kilogram and an intra-day low of Rs. 378.40 per kilogram during Tuesday.

Copper Prices at London Metal Exchange had slipped nearly 3 percent since late June as stocks in LME-registered warehouses rose by a third, signalling plentiful supply. Stocks fell 225 tons on Tuesday to 319,750 tons.