India Brass, Copper Scrap prices fall; Copper Futures slightly lower
MUMBAI (Scrap Register): India major brass and copper scrap prices fell on the Scrap Register Price Index as on Friday, while copper futures prices at India's Multi Commodity Exchange settled lower as investors slashed risk given escalating tensions on the Korean peninsula and ongoing jitters about China debt after a ratings downgrade.
Prices of India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass pales scrap, brass pallu scrap, brass sheet cuttings, brass shell 40mm, acr copper coil 3/8, copper armature,copper cathod lme ++,copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper wire scrap and electrolytic copper strip 25mm showed a down trend on the Scrap Register Price Index as on Friday.
The most active November copper contract on the India's Multi Commodity Exchange settled slightly lower by 0.189 percent to Rs. 423.55 per kilogram on Friday from previous close of Rs. 422.75 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 423.85 per kilogram and an intra-day low of Rs. 417.30 per kilogram during Friday.
A combination of factors had led to the sell-off, rising geo-political tension with North Korea, expectations for a more aggressive interest rate rise cycle in the United States, and to a smaller extent, the ongoing credit concerns in China.
(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)