India Brass, Copper Scrap prices fall; Copper Futures down on strong Dollar
MUMBAI (Scrap Register): India’s major brass and copper scrap commodities prices fell on the Scrap Register Price Index as on Wednesday, tracking the weakness in copper futures prices at India's Multi Commodity Exchange as the U.S. dollar hovered near a five-month highagainst the euro and amid worries over slower demand in topcopper user China.
India's major brass and copper scrap commodities prices including brass accessories, brass huny scrap, cc rod lme ++, copper cathod lme ++, copper mixed scrap, copper pat, copper super d.rod, copper utensil scrap, copper wire scrap declined on the Scrap Register Price Index as on Wednesday.
The most active June copper contract on India's Multi Commodity Exchange has settled down by 0.23 percent to Rs. 461.85 per kilogram on Wednesday from previous close of Rs. 462.95 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 462.45 per kilogram and an intra-day low of Rs. 458.70 per kilogram during Wednesday.
The copper market appeared to be tightening, with the front-end of the curve moving into backwardation, when prices for future delivery are lower than those for immediate dispatch.
(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)