India Brass, Copper Scrap prices continue to advance in line with MCX Copper
MUMBAI (Scrap Register): India’s major brass and copper scrap commodities prices continued to advance on the Scrap Register Price Index as on Monday, while copper futures prices at India's Multi Commodity Exchange settled higher amid a persistent weak dollar, even as official data showed top producer China churned out a record volume of refined copper in December.
India's major brass and copper scrap commodities prices including brass accessories, brass huny scrap,acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper mixed scrap, copper pat, copper super d.rod, copper wire scrap and electrolytic copper strip 25mm continued to gain on the Scrap Register Price Index as on Monday.
The most active February copper contract on India's Multi Commodity Exchange has advanced by 0.48 percent to Rs. 452.60 per kilogram on Monday from previous close of Rs. 450.45 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 454.85 per kilogram and an intra-day low of Rs. 451.10 per kilogram during Monday.
The dollar index fell 0.1 percent, with the currency remaining near three-year lows after a short-lived rally following the deal to re-open the U.S. government. A weak dollar makes metals cheaper for holders of other currencies and supports prices.
Meanwhile China's refined copper output jumped by 16.7 percent year-on-year to a record high in December, as smelters looked to churn out as much metal as possible ahead of a fall in treatment charges for copper concentrate.
(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)