NEW DELHI (Scrap Register): India major brass and copper scrap prices declined on Monday tracking the weakness from the copper futures prices at India's Multi Commodity Exchange as rising geopolitical tensions blunted appetite for risk and lifted the dollar, but prices were underpinned by tightening supply.
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India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass shell 40mm, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper shell 40mm and electrolytic copper strip 25mm traded lower on Monday.
The most active April copper contract on the India's Multi Commodity Exchange ended lower by 0.93 percent to Rs. 372.55 per kilogram on Monday from previous close of Rs. 376.05 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 375.90 per kilogram and an intra-day low of Rs. 371.45 per kilogram during Monday.
Copper futures prices at London Metal Exchange dropped 1.5 percent to end at $5,747 a ton on Monday, adding to small losses in the previous session, having broken support at its 100-day moving average at $5,800 a ton.
Prices have faltered since shipments resumed from BHP Billiton's Escondida mine in Chile and since Freeport McMoRan Inc said it was awaiting final details on a temporary export permit in Indonesia, ending lengthy disruptions.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
