India Brass, Copper Scrap prices drop; Copper Futures edge up
MUMBAI (Scrap Register): India’s major brass and copper scrap commodities prices dropped on the Scrap Register Price Index as on Monday, while copper Futures prices at India’s Multi Commodity Exchange edged up on investor hopes that Chinese measures to boost lending would be followed by progress in trade talks with the United States.
India's major brass and copper scrap commodities prices including brass accessories, brass huny scrap, brass sheet cuttings, brass sheet scrap, brass utensil scrap, copper heavy scrap, copper mixed scrap, copper pat, copper super d.rod and copper wire scrap fell on the Scrap Register Price Index as on Monday.
The most active February copper contract on India's Multi Commodity Exchange edged up by 0.04 percent to Rs. 409.75 per kilogram on Monday from previous close of Rs. 409.60 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 411.80 per kilogram and an intra-day low of Rs. 406.65 per kilogram during Monday.
Prices were also supported by a weaker dollar after Federal Reserve Chairman Jerome Powell hinted that the pace of U.S. interest rate rises could slow.
A weaker dollar makes metals cheaper for buyers using other currencies. Support also seen after US and Chinese officials are meeting for the first face-to-face talks since the two countries agreed in December to a 90-day truce in a trade war that investors fear will curb global economic growth.
(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)