India Brass, Copper Scrap prices climb; Copper Futures edge down
MUMBAI (Scrap Register): India’s major brass and copper scrap commodities prices climbed on the Scrap Register Price Index as on Monday, while copper futures prices at India's Multi Commodity Exchange settled down despite concerns over more labor strife.
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 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 bars, copper wire scrap and electrolytic copper strip 25mm climbed on the Scrap Register Price Index as on Monday.
The most active March copper contract on India's Multi Commodity Exchange settled down by 0.45 percent to Rs. 450.25 per kilogram on Monday from previous close of Rs. 452.30 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 453.35 per kilogram and an intra-day low of Rs. 448.50 per kilogram during Monday.
Reliable supply of copper from the world's largest producer, Chile, is under threat as unions face broad wage renegotiations across top global miners.
Workers in the largest union at Antofagasta Plc's Los Pelambres copper mine rejected an offer for a new labour contract, paving the way for striking action.
Workers and the company would still have to go through a meditation process with the government to reach a second deal. Strong demand from the growing electric economy could be undermined by supply disruptions if wage contracts can't be negotiated.
(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)