MUMBAI (Scrap Register): India major brass and copper scrap prices gained on Monday, while copper futures prices at India's Multi Commodity Exchange settled higher by data showing strong fixed asset investment in China.
The major brass and copper scrap commodities on the Scrap Register Price Index traded higher on Monday. The major brass and copper scrap commodities like brass shell 40mm, brass sheet cuttings, copper heavy scrap, copper cathod lme ++, copper cable scrap and cc rod lme ++ showed an up trend during the day.
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The most active November copper contract on the India's Multi Commodity Exchange settled higher by nearly 1% to Rs. 378.300 per kilogram on Monday from previous close of Rs. 374.65 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 383.30 per kilogram and an intra-day low of Rs. 375.65 per kilogram during Monday.
There were also signs that expectations Trump's U.S. presidential election win would inject a swift boost to metals markets via U.S. infrastructure spending were dwindling, placing pressure on metals following last week's extraordinary rally.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
