India Brass, Copper Scrap prices drop; Strong US dollar weighs Copper Futures
MUMBAI (Scrap Register): India’s major brass and copper scrap commodities prices dropped on the Scrap Register Price Index as on Tuesday, tracking the weakness in copper futures prices at India's Multi Commodity Exchange as US Treasury yields touched a seven-year high and as the US dollar strengthened.
India's major brass and copper scrap commodities prices including brass shell 40mm, brass utensil scrap, acr copper coil 3/8, copper armature, copper cable scrap, copper heavy scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper wire scrap and electrolytic copper strip 25mm fell on the Scrap Register Price Index as on Tuesday.
The most active June copper contract on India's Multi Commodity Exchange has settled down by 0.16 percent to Rs. 462.95 per kilogram on Tuesday from previous close of Rs. 463.70 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 467.80 per kilogram and an intra-day low of Rs. 460.10 per kilogram during Tuesday.
China’s industrial output rose 7 percent in April, above forecasts for a 6.3 percent increase and up from a seven-month low of 6 percent in March. Chinese banks extended 1.18 trillion yuan ($185.5 billion) in net new yuan loans in April. The forecast was for 1.1 trillion yuan compared with March’s 1.12 trillion yuan.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)