India Brass, Copper Scrap prices fall further; Copper Futures down 1.36 percent

INDIA May 09 2017 4:57 PM

MUMBAI (Scrap Register): Major brass and copper scrap prices in India fell further on Monday, while copper futures prices at India's Multi Commodity Exchange settled lower, after the data showed a sharp drop in red metal imports into China, the world's biggest consumer, feeding pessimism over demand following hefty inflows into London Metal Exchange inventories last week.

China's April copper imports fell 30 percent month on month to 300,000 tonnes, data from the General Administration of Customs showed, and were down by a third from a year ago as a subdued outlook for industrial activity weighed on demand.

India's major brass and copper scrap commodities like brass huny scrap, brass pales scrap, brass pallu scrap, brass shell 40mm, brass utensil scrap, copper cathod lme ++, copper heavy scrap and copper utensil scrap continued to show trend on Monday.

The most active June copper contract on the India's Multi Commodity Exchange settled down by 1.36 percent to Rs. 356.65 per kilogram on Monday from previous close of Rs. 361.45 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 358.90 per kilogram and an intra-day low of Rs. 353.85 per kilogram during Monday.