India Brass, Copper Scrap prices advance in line with MCX Copper

INDIA September 10 2015 11:15 AM

MUMBAI (Scrap Register): India major brass and copper scrap commodities prices advanced on Wednesday in line with copper futures prices at India's Multi Commodity Exchange as participants built up fresh positions on account of rising demand at the Indian spot market.

The major brass and copper scrap commodities advanced on Scrap Register Price Index as on Wednesday. India's major scrap commodities like brass accessories, brass huny scrap, copper mixed scrap, copper pat, copper wire scrap traded up on Wednesday.

The copper futures contract traded on the India's Multi Commodity Exchange has risen sharply in the past week. It has surged over 4 per cent and is now currently trading around Rs. 363 per kilogram.

The most active November copper contract on Multi Commodity Exchange settled up by 0.36% or Rs. 1.30 to Rs. 363.85 per kilogram on Wednesday from previous close of Rs. 362.55 per kilogram.

The MXC copper prices touched an intra-day high of Rs. 367.10 per kilogram and an intra-day low of Rs. 361.70 per kilogram during Wednesday. The open interest of the contract stood at 15042.00 lots.

Benchmark copper on the London Metal Exchange settled up at $5,365 a ton on Wednesday from $5,345 at the close on Tuesday. The metal used in power and construction had risen earlier to $5,434.50.

LME copper scaled a seven-week high on Wednesday on expectations of tighter supplies, though the rally could be short-lived without improvements in demand from top consumer China or more substantial production cuts.