India Brass, Copper Scrap prices witness drop; Copper Futures slightly up
MUMBAI (Scrap Register): India major brass and copper scrap prices have witnessed a down trend on the Scrap Register Price Index as on Monday, while copper futures prices at India's Multi Commodity Exchange settled up as investors took advantage of a sell-off on Friday to buy at lower levels and strong economic data from top metals consumer China.
India's major brass and copper scrap commodities like brass accessories, brass huny scrap, copper heavy scrap, copper mixed scrap, copper pat, copper super d.rod, copper utensil scrap and copper wire scrap dropped on the Scrap Register Price Index as on Monday.
The most active November copper contract on India's Multi Commodity Exchange up by 0.94 percent to Rs. 435.15 per kilogram on Monday from previous close of Rs. 431.10 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 436.55 per kilogram and an intra-day low of Rs. 431.80 per kilogram during Monday.
The strong economic data from top metals consumer China also supporting the market. Chinese producer price inflation accelerated more than expected to a four-month high in August, pointing to strong and sustained growth for both factory profits and the economy. Financial markets were also relieved that North Korea did not conduct another missile test at the weekend.
(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)