India Brass, Copper Scrap prices rise further in line with MCX Copper

INDIA September 11 2015 12:25 PM     

MUMBAI (Scrap Register): India  major brass and copper scrap commodities prices rose further in line with copper  futures prices at India's Multi Commodity Exchange as weak China inflation data  reinforced views that Beijing will roll out fresh support measures soon for the  world's second largest economy.

The major brass and copper  scrap commodities advanced on Scrap Register Price Index as on Thursday. India's  major scrap commodities like brass sheet cuttings, brass utensil scrap, copper  armature, copper cable scrap, copper heavy scrap, copper sheet cutting, copper  utensil scrap and copper wire bars traded up on Thursday.

The most active  November copper contract on Multi Commodity Exchange settled up by 0.413% or Rs.  1.50 to Rs. 364.800 per kilogram on Thursday from previous close of Rs. 363.30  per kilogram.

The MXC copper prices touched an intra-day high of Rs. 368  per kilogram and an intra-day low of Rs. 362.10 per kilogram during Wednesday.  The open interest of the contract stood at 12918 lots.

Chinese government data released showed that  producer prices fell by a more-than-expected 5.9% in August, the 42nd straight  monthly decline and the worst reading since October 2009.

Consumer  prices rose 2.0% last month, above expectations for 1.8% and up from 1.6% in  July. Non-food inflation remained subdued at 1.1%, unchanged from a month  earlier.