India Brass, Copper Scrap prices remain flat; Copper Futures settle higher


NEW DELHI (Scrap Register): India's major brass and copper scrap prices remained flat on the Scrap Register Price Index as on Wednesday, while copper futures prices at India's Multi Commodity Exchange settled higher by a weaker US dollar and concerns about industrial action that could further crimp mine supply.

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India's major brass and copper scrap commodities like Brass Accessories, Brass Bharat Accessories, Brass Chadripital Desi, Brass Radiator Desi, Brass Radiator Imported, Brass sheet cuttings, Brass Sheet scrap, Brass Shell 40mm, Brass utensil scrap, ACR Copper Coil 3/8, Copper armature, Copper heavy scrap, Copper Mixed Scrap, Copper Pat, Copper sheet cutting, Copper shell 40mm, Copper Super D.Rod, Copper utensil scrap, Copper wire bars, Copper Wire Scrap and Electrolytic Copper strip 25mm showed a flat trend on Wednesday.

The most active August copper contract on India's Multi Commodity Exchange settled higher by 0.21 percent to Rs. 383.25 per kilogram on Wednesday from previous close of Rs. 382.60 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 385.75 per kilogram and an intra-day low of Rs. 382.65 per kilogram during Wednesday.

Workers voted to approve a strike at a mine in Chile, following industrial disputes earlier in the year in Indonesia and at the world's biggest copper mine, also in Chile.

Workers at Chile's Zaldivar mine voted to strike after talks with the firm failed. The nearby Centinela mine is also in negotiations over strike action.

Together the two mines produced 340,000 tons of copper in 2016. But, the workers will not walk off immediately, since Chilean law calls for a government mediation period that will last at least five days before workers are legally permitted to strike.

(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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