India Brass, Copper scrap trade down; MCX Copper settles up

INDIA October 15 2015 5:29 PM
 MUMBAI (Scrap Register): India major brass and copper scrap commodities prices traded down on Wednesday, while copper futures prices at India's Multi Commodity Exchange settled up as a weaker dollar offset mounting concerns about economic growth in top metals consumer China.

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

The major brass scrap commodities also traded down on Scrap Register Price Index as on Wednesday. India's major brass scrap commodities like brass accessories, brass huny scrap dropped on Wednesday.

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However, the most active November copper contract on Multi Commodity Exchange settled up by 0.65% to Rs. 349.20 per kilogram on Wednesday from previous close of Rs. 346.95 per kilogram. The MXC copper prices touched an intra-day high of Rs. 349.45 per kilogram and an intra-day low of Rs. 344.85 per kilogram during Wednesday.

A weaker dollar supports prices by making dollar-denominated commodities like copper cheaper for non-U.S. buyers. Market sentiment was further supported by news that Zambia’s copper production will fall by 108,000 tons or 15 percent this year.

The downturn follows a series of recent production cuts as the industry adjusts to slowing demand growth in China, which accounts for nearly half of global copper consumption.