Sharp fall in copper, tin and brass prices
Prices of copper, tin and brass prices declined sharply on the non-ferrous metal market here on Friday on lack of industrial demand coupled with lower advices from London Metal Exchange (LME).
By PTI |
Mumbai: Prices of copper, tin and brass prices declined sharply on the non-ferrous metal market here on Friday on lack of industrial demand coupled with lower advices from London Metal Exchange (LME).
In LME, Three-month copper fell roughly 2 per cent from Wednesday technical selling and fund liquidation, said one London based broker.
At New York, long liquidation, concerns about whether China will act to control its red-hot economy, plus weakness in the precious-metals complex were all cited as factors causing a decline in copper futures on Thursday.
The May copper contract fell 3.25 cents to settle at $3.5865 per pound on the Comex division of the New York Mercantile Exchange.
In local markets, copper cable scrap declined by 6 per kilo to 374, copper scrap heavy by 5 per kilo to 365, copper armiture by Rs 5 per kilo to 360, copper sheets cutting by 5 per kilo to 355, copper wire bar by Rs 4 per kilo to 403, copper utensils scrap by Rs 3 per kilo to 332, tin by Rs 5 per kilo to Rs 790, brass utensils scrap by Rs 5 per kilo to Rs 265, brass sheets cutting by Rs 5 per kilo to Rs 270 and aluminium ingots by a rupee to Rs 144.
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