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.