India Brass, Copper Scrap prices continue to advance in line with Copper Futures
MUMBAI (Scrap Register): India major brass and copper scrap prices continued to advance on the Scrap Register Price Index as on Tuesday tracking the firmness in copper futures prices at India's Multi Commodity Exchange on signs that a cooling Chinese property market was not derailing economic growth in China.
India's major brass and copper scrap commodities like brass accessories, brass sheet cuttings, brass shell 40mm, acr copper coil 3/8, copper armature, copper heavy scrap, copper shell 40mm and electrolytic copper strip 25mm showed an uptrend on the Scrap Register Price Index as on Tuesday.
The most active November copper contract on the India's Multi Commodity Exchange settled slightly higher by 0.27 percent to Rs. 423.85 per kilogram on Tuesday from previous close of Rs. 422.70 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 425.55 per kilogram and an intra-day low of Rs. 421.60 per kilogram during Tuesday.
Chinese copper scrap imports expected to shrink during the last quarter of this year mainly due to withdrawal of environmental protection approval for “category 7” scrap imports.
“Chinese copper demand will continue to grow in the near future. Construction in major cities and towns, investment in power grid, new energy power generation, and new energy vehicle will increase copper demand,” said Zhou Sheng, International Copper Association’s China-based president.
Besides, the “2025 made in China” and air pollution treatment policies in China will also contribute to copper consumption and bring opportunities to copper market.
(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)