MUMBAI (Scrap Register): India major brass and copper scrap prices dropped on the Scrap Register Price Index as on Monday, while copper futures prices at India's Multi Commodity Exchange settled higher buoyed by a weakening in the dollar and positive sentiment ahead of major industry conferences.

According to the Scrap Register Price Index, the major Indian copper scrap commodities including brass accessories, brass huny scrap, brass sheet cuttings, brass shell 40mm, brass utensil scrap, acr copper coil 3/8, cc rod lme ++, copper cathod lme ++ copper armature, copper cable scrap, copper pat, copper heavy scrap, copper mixed scrap, 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 Monday.

The most active November copper contract on the India's Multi Commodity Exchange up by 0.53 percent to Rs. 457.90 per kilogram on Monday from previous close of Rs. 455.50 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 458.20 per kilogram and an intra-day low of Rs. 453.35 per kilogram during Monday.

Copper prices at London Metal Exchange breached $7,000 a ton last week for the first time in more than three years as inventories of metal continue to fall.

LME copper stockpiles are down 10 percent over the past four weeks, with more than 13,000 tonnes of copper warrants cancelled - a sign of further deliveries out of warehouses in coming days.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)