India Brass, Copper Scrap prices fall; Copper Futures down
MUMBAI (Scrap Register): India’s major brass and copper scrap commodities prices fell on the Scrap Register Price Index as on Monday, tracking the down trend in copper Futures prices at India’s Multi Commodity Exchange mainly due to the expectations of seasonally strong Chinese demand in the second quarter and low stocks but capped by concern over the impact of continuing trade tensions on the global economy.
India’s major brass and copper scrap commodities prices including Brass Accessories, Brass huny Scrap, Brass Pales scrap, Brass Shell 40mm, ACR Copper Coil 3/8, Copper armature, Copper cable scrap, Copper Mixed Scrap, Copper Pat, Copper shell 40mm, Copper Super D.Rod, Copper Wire Scrap and Electrolytic Copper strip 25mm dropped on the Scrap Register Price Index as on Monday.
The most active April copper contract on India's Multi Commodity Exchange dropped by 0.49 percent Rs. 443.35 per kilogram on Monday from previous close of Rs. 445.55 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 447.40 per kilogram and an intra-day low of Rs. 442.45 per kilogram during Monday.
China accounts for about half of global demand for industrial metals, which increases in the April to June period because of restocking ahead of rising construction activity in the second quarter.
Investor sentiment on trade has see-sawed on rumblings coming out of the negotiations between the world's two biggest economies after the imposition of tit-for-tat tariffs.
(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)