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

Published: Sep 11, 2015 16:21

Save

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 reinfo

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.

India major brass and copper scrap commodities prices Copper scrap prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 min ago

DLP Resources Secures Permits for First-Ever Drilling at Esperanza Copper-Gold Project in Peru

DLP Resources has received all permits required to begin the first-ever drilling program at its Esperanza copper-gold-molybdenum project in southern Peru, with drilling scheduled to start on September 18. The initial program will include three approximately 800-metre holes targeting a deep porphyry system beneath a 5.0 × 2.5 km magnetic anomaly. Esperanza lies about 35 km southwest of Freeport-McMoRan's Cerro Verde mine within Peru's major southern copper belt.

1 min ago

41 mins ago

US copper tariff relief expectations, overnight copper prices plunge [SMM Copper Morning Comment]

41 mins ago

43 mins ago

Supply marginally loosens while demand weakens, spot premiums under pressure [SMM Copper Morning Meeting Summary]

SMM Morning Meeting Summary: Overnight, LME copper opened at $14,499/mt, hit a high of $14,505/mt right after the open, then copper prices trended downward throughout the session, hitting a low of $14,147/mt near the end of trading, and finally settled at $14,182.5/mt, down 4.25%. Trading volume reached 44,000 lots, and open interest stood at 273,000 lots, an increase of 1,345 lots from the previous trading day, reflecting increased positions by bears. Overnight, the most-traded SHFE copper 2610 contract opened at 108,500 yuan/mt, hit a high of 109,090 yuan/mt in early trading, then copper prices trended downward throughout the session, hitting a low of 108,350 yuan/mt near the end of trading, and finally settled at 108,360 yuan/mt, down 3.02%. Trading volume reached 127,000 lots, and open interest stood at 205,000 lots, a decrease of 29,600 lots from the previous trading day, reflecting reduced positions by bulls.

43 mins ago