India Brass, Copper Scrap prices advance; MCX Copper falls in line with London Copper
MUMBAI (Scrap Register): India’s major brass and copper scrap commodities prices advanced on the Scrap Register Price Index as on Tuesday, while copper futures prices at India's Multi Commodity Exchange settled down in line with London Copper.
India's major brass and copper scrap commodities prices including brass huny scrap, brass sheet scrap, brass shell 40mm, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper shell 40mm and electrolytic copper strip 25mm gained on the Scrap Register Price Index as on Tuesday.
The most active August copper contract on India's Multi Commodity Exchange has dropped by 0.82 percent to Rs. 433.10 per kilogram on Tuesday from previous close of Rs. 436.70 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 438.70 per kilogram and an intra-day low of Rs. 431.10 per kilogram during Tuesday.
However, London copper recovered partially from a fresh 11 month low hit earlier on 6 July but was still down for a fifth straight session after US tariffs on Chinese goods kicked in, escalating the trade spat between the world's top two economies.
Copper, seen as a bellwether for economic health, is down 5 % in London last week, putting it on track for its steepest weekly drop since the week ended Nov. 20, 2015.
(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)