India Copper Scrap prices down; MCX Copper falls as London copper hit 3-week low
MUMBAI (Scrap Register): India’s major brass and copper scrap commodities prices fell on the Scrap Register Price Index as on Wednesday, tracking the sharp fall in copper futures prices at India's Multi Commodity Exchange as London copper hit three-week low.
India's major brass and copper scrap commodities prices including brass huny scrap, brass sheet cuttings, brass shell 40mm, brass utensil scrap, 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 super d.rod, copper utensil scrap, copper wire scrap and electrolytic copper strip 25mm dropped on the Scrap Register Price Index as on Wednesday.
The most active June copper contract on India's Multi Commodity Exchange has dropped by 0.15 percent to Rs. 457.75 per kilogram on Wednesday from previous close of Rs. 458.45 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 461.00 per kilogram and an intra-day low of Rs. 454.70 per kilogram during Wednesday.
Copper prices at London Metal Exchange hit a three-week low during Asian trading and was rebounding when data on LME inventories knocked the metal lower again in early European activity.
The daily data showed on-warrant copper stocks in LME-registered warehouses - those not earmarked for delivery - jumped by 15,800 tonnes to 264,575, surging 38 percent since May 29.
(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)