India Brass, Copper Scrap prices down; MCX Copper up on robust Chinese demand
MUMBAI (Scrap Register): India’s major brass and copper scrap prices showed a down trend on the Scrap Register Price Index as on Wednesday, while copper futures prices at India's Multi Commodity Exchange gained on robust demand in China and a weaker US dollar.
India's major brass and copper scrap commodities prices including brass accessories, brass sheet cuttings, brass shell 40mm, acr copper coil 3/8, copper armature, copper cable scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper wire scrap and electrolytic copper strip 25mm showed a down trend on the Scrap Register Price Index as on Wednesday.
The most active November copper contract on the India's Multi Commodity Exchange settled higher by 0.89 percent to Rs. 447.00 per kilogram on Wednesday from previous close of Rs. 443.05 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 447.40 per kilogram and an intra-day low of Rs. 441.15 per kilogram during Wednesday.
Copper demand has increased as a result of Chinese buying over recent months, but it is moderate economic growth in the US, Europe, and around the world that have also contributed to higher prices for the red metal.
Traders are still active given a raft of rosier economic readings, including an improvement in Japan machinery orders and an encouraging report on global growth from the International Monetary Fund.
(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)