UNITED STATES July 25 2017 6:22 PM
NEW DELHI (Scrap Register): India's major copper scrap prices advanced on the Scrap Register Price Index as on Monday tracking the firmness in copper futures prices at India's Multi Commodity Exchange mainly due to weakness in the dollar and prospects of tighter mine supply.
India's major copper scrap commodities like ACR Copper Coil 3/8, CC Rod LME ++, Copper armature, Copper cable scrap, Copper cathod LME ++, Copper Mixed Scrap, Copper Pat, Copper shell 40mm, Copper Super D.Rod, Copper Wire Scrap and Electrolytic Copper strip 25mm showed an uptrend on the Scrap Register Price Index as on Monday.
The most active August copper contract on India's Multi Commodity Exchange has gained by 0.41 percent to Rs. 390.60 per kilogram on Monday from previous close of Rs. 389.00 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 390.85 per kilogram and an intra-day low of Rs. 387.65 per kilogram during Monday.
Supply side concerns and a weaker dollar have driven base metal prices higher, also union-represented workers and management at Antofagasta's Zaldivar copper mine in Chile failed to reach a wage deal on Thursday and they agreed to extend government-mediated talks into this week.