India Brass, Copper Scrap prices decline tracking the weakness in 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 mainly on long liquidation as the dollar strengthened and BHP responded to a proposal from unionised workers at its Escondida copper mine in Chile.
India's major brass and copper scrap commodities prices including brass sheet cuttings, brass sheet 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 scrap and electrolytic copper strip 25mm showed a down trend on the Scrap Register Price Index as on Tuesday.
The most active June copper contract on India's Multi Commodity Exchange has slightly down by 0.08 percent to Rs. 484.60 per kilogram on Tuesday from previous close of Rs. 485.00 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 486.70 per kilogram and an intra-day low of Rs. 482.10 per kilogram during Tuesday.
A stronger greenback makes dollar-denominated metals more expensive for holders of other currencies and can weigh on prices. Global miner BHP, said it had responded to the latest contract proposal from unionized workers at its Escondida copper mine in Chile, triggering a new round of talks that could last a month or more.
Hopes were raised about a settlement at Escondida after unionized workers at BHP’s Spence copper mine in northern Chile agreed on Monday to a new collective labour contract.