India's major Brass, Copper Scrap prices fall in line with MCX Copper
MUMBAI (Scrap Register): India’s major brass and copper scrap commodities prices fell on the Scrap Register Price Index as on Friday, tracking the drop in copper futures prices at India's Multi Commodity Exchange, extending recent declines following a renewed plunge in global equity markets.
India's major brass and copper scrap commodities prices including brass accessories, brass huny scrap, brass shell 40mm, acr copper coil 3/8, cc rod lme ++, copper armature, copper cathod lme ++, copper shell 40mm, copper super d.rod, copper wire scrap and electrolytic copper strip 25mm fell on the Scrap Register Price Index as on Friday.
The most active February copper contract on India's Multi Commodity Exchange has dropped by 1.66 percent to Rs. 432.90 per kilogram on Friday from previous close of Rs. 440.20 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 438.50 per kilogram and an intra-day low of Rs. 432.30 per kilogram during Friday.
Risks of further supply disruptions remain high (and) the restriction on copper scrap imports into China is likely to support refined metal imports.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 7.8 percent to 186,132 tonnes from last Friday, the exchange said.
Copper bulls who are betting on labour strife this year due to a full calendar of contract talks may be disappointed if early wage deals at two copper mines are a signpost for further agreements with mine workers.
(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)