India Brass, Copper Scrap prices show steady trend; Copper Futures down
MUMBAI (Scrap Register): India major brass and copper scrap prices showed a steady trend on the Scrap Register Price Index as on Tuesday, while copper futures prices at India's Multi Commodity Exchange dropped as speculators trimmed their positions amid a weaker domestic physical market on muted demand from alloy makers.
India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass pales scrap, brass pallu scrap, brass sheet scrap, acr copper coil 3/8, copper armature, copper cable scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper utensil scrap, copper wire bars, copper wire scrap and electrolytic copper strip 25mm remained steady on the Scrap Register Price Index as on Tuesday.
The most active November copper contract on India's Multi Commodity Exchange settled down by nearly 1 percent to Rs. 430.85 per kilogram on Tuesday from previous close of Rs. 435.15 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 434.90 per kilogram and an intra-day low of Rs. 428.70 per kilogram during Tuesday.
Copper prices at London Metal Exchange slipped further Tuesday, after Monday's bounce gave rise to further profit-taking following weeks of sharp gains and speculative bullishness around the base metal.
The end of last week saw copper prices start to pull back after months of upward movement, which analysts said was based more on trader optimism about the state of the Chinese economy than it was on supply and demand fundamentals.
(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)