India Brass, Copper Scrap prices remain stable; Copper Futures slightly down
MUMBAI (Scrap Register): India’s major brass and copper scrap prices remained stable on the Scrap Register Price Index as on Thursday, copper futures prices at India's Multi Commodity Exchange settled slightly down amid concern over future demand by top consumer China, but losses are limited by weakening in the US dollar.
India's major brass and copper scrap commodities like brass pales scrap, brass pallu scrap, brass sheet scrap, brass shell 40mm, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper shell 40mm, copper utensil scrap, copper wire bars and electrolytic copper strip 25mm showed a steday trend on the Scrap Register Price Index as on Thursday.
The most active November copper contract on India's Multi Commodity Exchange settled down by 0.38 percent to Rs. 446.05 per kilogram on Thursday from previous close of Rs. 447.75 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 447.30 per kilogram and an intra-day low of Rs. 441.50 per kilogram during Thursday.
MCX Copper prices have sliped on Tuesday as doubts about the strength of demand in top consumer China triggers profit-taking, though declines were kept in check by a weaker US dollar on receding expectations of an imminent rise in interest rates.
(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)