MUMBAI (Scrap Register): India's major brass and copper scrap prices fell on Wednesday, while copper futures prices at India's Multi Commodity Exchange settled down tracking the weakness in copper prices at London Metal Exchange.
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LME copper prices dropped on Wednesday to a one-month low on selling triggered by a higher dollar, lower imports of the metal by top consumer China and rising inventories.
Benchmark copper on the London Metal Exchange was untraded at the close, but bid down 0.1 per cent at $5,765 a ton from an earlier session low at $5,755.50 a ton.
India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass shell 40mm, brass utensil scrap, 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 April copper contract on the India's Multi Commodity Exchange settled down by 0.37 percent to Rs. 385.35 per kilogram on Wednesday from previous close of Rs. 386.80 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 389.95 per kilogram and an intra-day low of Rs. 384.95 per kilogram during Wednesday.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
