India Brass and Copper Scrap prices down; Copper Futures edge up
NEW DELHI (Scrap Register): India's major brass and copper scrap prices dropped on Friday, while copper futures prices at India's Multi Commodity Exchange edged up mainly due to the weak U.S. dollar and ongoing mine supply concerns.
India's major brass and copper scrap commodities like brass shell 40mm, acr copper coil 3/8, copper armature, copper heavy scrap, copper shell 40mm, copper utensil scrap and electrolytic copper strip 25mm traded lower Friday.
The most active April copper contract on the India's Multi Commodity Exchange settled slightly up by 0.77 percent to Rs. 390.75 per kilogram on Friday from previous close of Rs. 387.75 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 391.05 per kilogram and an intra-day low of Rs. 385.90 per kilogram during Friday.
The dollar index is down around 1 per cent last week after the U.S. Federal Reserve on Wednesday signaled a slower pace of monetary tightening than expected. A weaker dollar boosts the buying power of non-U.S. investors.
Striking workers at Chile's Escondida, the world's biggest copper mine, are blocking attempts by owner BHP Billiton to renew operations at a major port nearby as the stoppage enters its sixth week.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)