MUMBAI (Scrap Register): India’s major brass and copper scrap commodities prices advanced on the Scrap Register Price Index as on Wednesday, tracking the up trend in copper Futures prices at India’s Multi Commodity Exchange after upbeat industrial activity data from China, consumer of half the world’s industrial metals, provided evidence that Beijing’s stimulus program is finally filtering through to the real economy.
India’s major brass and copper scrap commodities prices including Brass utensil scrap, ACR Copper Coil 3/8, CC Rod LME ++, Copper armature, Copper cable scrap, Copper cathod LME ++, Copper shell 40mm and Electrolytic Copper strip 25mm showed an up trend on the Scrap Register Price Index as on Wednesday.
The most active April copper contract on India's Multi Commodity Exchange has gained by 0.94 percent to Rs. 455.10 per kilogram on Wednesday from previous close of Rs. 450.90 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 459.00 per kilogram and an intra-day low of Rs. 452.95 per kilogram during Wednesday.
China's GDP grew at a 6.4% clip in the first quarter compared to last year, handily beating expectations of continued slack in the economy which is growing close to the slowest pace in nearly three decades.
(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)