MUMBAI (Scrap Register): India’s major brass and copper scrap prices climbed on the Scrap Register Price Index as on Tuesday tracking the uptrend in copper futures prices at India's Multi Commodity Exchange driven by news that the global refined copper market remained in a deficit throughout August, according to the International Copper Study Group (ICSG).
India's major brass and copper scrap commodities prices including brass sheet cuttings, brass shell 40mm, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper heavy scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper utensil scrap, copper wire scrap and electrolytic copper strip 25mm advanced on the Scrap Register Price Index as on Tuesday.
The most active November copper contract on India's Multi Commodity Exchange inched up by 0.63 percent to Rs. 447.15 per kilogram on Tuesday from previous close of Rs. 444.35 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 448.20 per kilogram and an intra-day low of Rs. 442.60 per kilogram during Tuesday.
Meanwhile the global world refined copper market showed a 85,000 tonnes surplus in August, compared with a 7,000 tonnes deficit in July, the International Copper Study Group (ICSG) said in its latest monthly bulletin. For the first 8 months of the year, the market was in a 52,000 tonnes deficit compared with a 139,000 tonnes deficit in the same period a year earlier, the ICSG said.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)