India Brass, Copper Scrap prices advance; Copper Futures end down


NEW DELHI (Scrap Register): India's major brass and copper scrap prices advanced on the Scrap Register Price Index as on Thursday, while copper futures prices at India's Multi Commodity Exchange ended down buoyed by a strong U.S. dollar.

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India's major brass and copper scrap commodities like brass accessories, brass huny scrap, copper mixed scrap, copper pat, copper super d.rod, copper utensil scrap and copper wire scrap gained on the Scrap Register Prices Index as on Thursday.

The most active August copper contract on India's Multi Commodity Exchange settled down by 0.63 percent to Rs. 380.85 per kilogram on Thursday from previous close of Rs. 383.25 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 385.25 per kilogram and an intra-day low of Rs. 380.50 per kilogram during Thursday.

Meanwhile trader are caution as workers at the Zaldivar copper mine in Chile, owned by Antofagasta Plc and Barrick Gold Corp, will resume talks with Antofagasta after voting to strike earlier this week, the union said on Thursday.

Investors continued to cheer comments from Federal Reserve chair Janet Yellen suggesting that the pace of future rate hikes would be gradual while weak inflation data lifted sentiment.

(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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