India Brass, Copper Scrap prices decline; MCX Copper rises 2.3%

INDIA October 12 2015 5:22 PM

MUMBAI (Scrap Register): India major brass and copper scrap commodities prices declined on Friday, while copper futures prices at India's Multi Commodity Exchange settled up by 2.3% mainly due to the fears of broader supply cuts by Glencore PLC triggered a buying spree in industrial metals.

The major copper scrap commodities traded down on Scrap Register Price Index as on Friday. India's major copper scrap commodities like copper armature, copper cable scrap, copper heavy scrap, copper mixed scrap, copper pat, copper sheet cutting, copper super d.rod, copper utensil scrap, copper wire bars, copper wire scrap traded down on Friday.

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The major brass scrap commodities also traded down on Scrap Register Price Index as on Friday. India's major brass scrap commodities like brass accessories, brass sheet cuttings and brass utensil scrap dropped on Friday.

However, the most active November copper contract on Multi Commodity Exchange settled up by 2.3% to Rs. 347.75 per kilogram on Friday from previous close of Rs. 339.85 per kilogram. The MXC copper prices touched an intra-day high of Rs. 352.10 per kilogram and an intra-day low of Rs. 340.85 per kilogram during Friday.

However lukewarm economic data from China during the holiday including PMI signaled that demand would not pick up as quickly in the fourth quarter. Demand boost came as Chinese smelters piled up stocks to sell later, leading to a drawn down at exchanges.

The London Metal Exchange’s inventories fell for the 9th day to the lowest since March, reversing a trend earlier this year that warehouse stocks swelled on faltering demand.