India Brass, Copper Scrap prices advance tracking the strength in MCX Copper
MUMBAI (Scrap Register): India’s major brass and copper scrap commodities prices advanced further on the Scrap Register Price Index as on Tuesday, tracking the strength in copper futures prices at India's Multi Commodity Exchange mainly due to China's economy grew 6.8 percent in the first quarter of 2018, slightly faster than expected, buoyed by strong consumer demand and surprisingly robust property investment despite continued measures to tame rising home prices.
India's major brass and copper scrap commodities prices including brass sheet cuttings, brass sheet scrap, brass shell 40mm, brass utensil scrap, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper heavy scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper wire scrap and electrolytic copper strip 25mm gained on the Scrap Register Price Index as on Tuesday.
The most active April copper contract on India's Multi Commodity Exchange settled higher by 0.09 percent to Rs. 447.35 per kilogram on Tuesday from previous close of Rs. 446.95 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 449.35 per kilogram and an intra-day low of Rs. 443.60 per kilogram during Tuesday.
Rising imports have coincided with a build-up of inventories however, with stockpiles on the Shanghai exchange nearly doubling since end-2017. Together with LME and CME inventories, copper in warehouses totaled 889,000 tonnes at the end of March the highest since 2003.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)