India Brass, Copper Scrap prices show up trend; Copper Futures slightly up
MUMBAI (Scrap Register): India’s major brass and copper scrap prices showed an up trend on the Scrap Register Price Index as on Tuesday tracking the firmness in futures prices at India's Multi Commodity Exchange as analysts debate whether it is overheating.
Analysts say copper can go higher as more speculators jump in, but it is getting overextended with a 19 percent gain year-to-date.
India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass sheet cuttings, brass utensil scrap, copper heavy scrap, copper mixed scrap, copper pat, copper super d.rod, copper utensil scrap and copper wire scrap advanced on the Scrap Register Price Index as on Tuesday.
The most active August copper contract on India's Multi Commodity Exchange settled slightly up by 0.04 percent to Rs. 422.05 per kilogram on Friday from previous close of Rs. 421.90 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 426.40 per kilogram and an intra-day low of Rs. 420.30 per kilogram during Tuesday.
Some investors worried about more copper supply coming on the market after Indonesia's mining minister said the country expected to strike an agreement this month to allow Freeport McMoRan Inc to keep operating its huge Grasberg copper mine in Papua in the coming decades.
(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)