India’s major Brass, Copper scrap prices down in line with Copper Futures
MUMBAI (Scrap Register): India’s major brass and copper scrap prices declined on the Scrap Register Price Index as on Wednesday, while copper futures prices at India's Multi Commodity Exchange settled up as investors wound in profits on concerns China could see a weaker first half of next year.
India's major brass and copper scrap commodities prices including brass accessories, brass huny scrap, brass shell 40mm, brass utensil scrap, 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 showed a down trend on the Scrap Register Price Index as on Wednesday.
The most active February copper contract on India's Multi Commodity Exchange fell by 0.66 percent to Rs. 426.50 per kilogram on Wednesday from previous close of Rs. 423.70 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 429.60 per kilogram and an intra-day low of Rs. 424.65 per kilogram during Wednesday.
Besides a rise in copper inventories, the selloff was fuelled by concerns about liquidity tightness in China towards the year-end, amid a government-led deleveraging push, and slowing investment in the country's power sector, a key driver for copper.
(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)