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India Brass, Copper Scrap prices decline; Copper Futures remain flat

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MUMBAI (Scrap Register): India's major brass and copper scrap prices declined on Wednesday, while copper futures prices at India's Multi Commodity Exchange remained flat at Rs. 404.30 per kilogram.

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India's major brass and copper scrap commodities like brass shell 40mm, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper heavy scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper utensil scrap, copper wire scrap and electrolytic copper strip 25mm traded lower on Wednesday.

The most active February copper contract on the India's Multi Commodity Exchange settled flat at Rs. 404.30 per kilogram on Wednesday from previous close. Copper futures at MCX touched an intra-day high of Rs. 406.60 per kilogram and an intra-day low of Rs. 401.25 per kilogram during Wednesday.

However, Three-month copper on the London Metal Exchange closed up 0.7 per cent at $6,065 a ton on Wednesday, after hitting its highest since May 2015 on Monday after a force majeure was declared on Escondida shipments.

Copper is higher on upbeat signals for the US economy and as talks to end a major strike in Chile are delayed, while nickel has risen on continued supply disruptions in the Philippines.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

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