India Brass, Copper Scrap prices show down trend; Copper Futures up
MUMBAI (Scrap Register): Major brass and copper scrap prices in India has showed a down trend on the Scrap Register Price Index as on Wednesday, while copper futures prices at India's Multi Commodity Exchange advanced in line with Copper prices at London Metal Exchange.
LME Copper climbed as prices extended a correction from last week’s sharp fall, but moves were muted ahead of an expected interest rate increase from the U.S. Federal Reserve.
India's major brass and copper scrap commodities prices including brass accessories, brass huny scrap, brass pallu scrap, brass shell 40mm, acr copper coil 3/8, copper armature, copper cable scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper wire scrap, 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 has gained by 0.63 percent to Rs. 437.25 per kilogram on Wednesday from previous close of Rs. 434.50 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 438.20 per kilogram and an intra-day low of Rs. 433.00 per kilogram during Tuesday.
Global shares reached another record high as the Fed geared up to raise rates for the third time this year. However, the U.S. dollar weakened after consumer price data showed sluggish inflation, adding to concerns the bank will be less able to execute multiple rate increases next year.
(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)