India Brass, Copper Scrap prices gain further in line with the firmness in Copper Futures
NEW DELHI (Scrap Register): India's major brass and copper scrap prices gained further on the Scrap Register Price Index as on Friday in line with the firmness in copper futures prices at India's Multi Commodity Exchange after upbeat Chinese economic data dampened fears of a slowdown in the metal's largest market.
India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass sheet cuttings, brass utensil scrap, copper heavy scrap, copper mixed scrap, copper pat, copper super d.rod, copper utensil scrap and copper wire scrap showed an up trend on the Scrap Register Price Index as on Friday.
The most active August copper contract on India's Multi Commodity Exchange settled up by 0.74 percent to Rs. 383.65 per kilogram on Friday from previous close of Rs. 380.85 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 384.30 per kilogram and an intra-day low of Rs. 380.50 per kilogram during Friday.
According to China Customs data, Chinese imports of copper and copper products for June were unchanged with May at 390,000 tons, reflecting a decline in refined imports this year. Chinese copper imports fell sharply in the first half of 2017.
China imported 2.23 million tons of copper in H1 2017, a drop of 18.4% on a yearly basis. China’s imports of unwrought copper and copper semis were 390,000 tons in June, flat on the month and down 7.14% on a yearly basis.
(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)