India Brass, Copper Scrap prices remain flat; Copper Futures edge up
NEW DELHI (Scrap Register): India's major brass and copper scrap prices remained flat on the Scrap Register Price Index as on Thursday, while copper futures prices at India's Multi Commodity Exchange advanced slightly, after the U.S. Federal Reserve raised rates for the second time this year, boosting financing costs for industry.
India's major brass and copper scrap commodities like brass accessories, brass bharat accessories, brass chadripital desi, brass huny scrap, brass pales scrap, brass pallu scrap, brass radiator desi, brass radiator imported, brass sheet scrap, brass utensil scrap, crod lme ++, copper cathod lme ++, copper mixed scrap, copper pat copper sheet cutting, copper super d.rod, copper wire bars and copper wire scrap showed a flat trend on the Scrap Register Price Index as on Thursday.
The most active June copper contract on the India's Multi Commodity Exchange settled higher by 0.87 percent to Rs. 367.05 per kilogram on Thursday from previous close of Rs. 363.90 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 367.35 per kilogram and an intra-day low of Rs. 364.20 per kilogram during Thursday.
Amid a mixed economic outlook in the United States and slowing industrial activity in China exacerbated by the end of financial quarter, copper could come under further selling pressure.
(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)