India Brass, Copper Scrap prices fall tracking down trend in MCX Copper
MUMBAI (Scrap Register): India’s major brass and copper scrap commodities prices fell on the Scrap Register Price Index as on Tuesday, tracking down trend in copper futures prices at India's Multi Commodity Exchange as the Shanghai Futures Exchange is closed for the Lunar New Year.
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 mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper wire scrap and electrolytic copper strip 25mm dropped on the Scrap Register Price Index as on Tuesday.
The most active February copper contract on India's Multi Commodity Exchange dropped slightly by 0.02 percent to Rs. 457.20 per kilogram on Tuesday from previous close of Rs. 457.30 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 459.60 per kilogram and an intra-day low of Rs. 454.40 per kilogram during Tuesday.
While upside was capped and sentiments remain weak as a firm dollar dictated direction in a thinly traded market, with holidays in top metals user China.
The dollar steadied after pulling ahead from a three-year low against a currency basket the previous day, though it was dogged by growing concerns a ballooning fiscal deficit in the US could disrupt the economy.
(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)