India’s major brass and copper scrap commodities prices declined on the Scrap Register Price Index as on Thursday, tracking the weakness in Copper Futures prices at India’s Multi Commodity Exchange mainly due to festering Sino-US trade tensions stoking worries over the outlook for global economic growth.
India's major brass and copper scrap commodities prices including brass accessories, brass huny scrap, acr copper coil 3/8, copper armature, copper cable scrap, copper shell 40mm and electrolytic copper strip 25mm fell on the Scrap Register Price Index as on Thursday.
The most active November copper contract on India's Multi Commodity Exchange has dropped by 0.41 percent to Rs. 436.75 per kilogram on Thursday from previous close of Rs. 438.55 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 439.70 per kilogram and an intra-day low of Rs. 434.35 per kilogram during Thursday.
Trade conflict and higher interest rates are slowing the international economy, though there are no signs of a sharp downturn for now, said the Organisation for Economic Cooperation and Development.
The United States and China clashed on Wednesday at a World Trade Organisation meeting, with a US envoy accusing Beijing of using the WTO to pause “non-market” policies and a Chinese official saying it was Washington that was flouting the rulebook.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
