India Brass, Copper scrap prices continue to drop; MCX Copper edge up

INDIA October 16 2015 2:45 PM

MUMBAI (Scrap Register): India major brass and copper scrap commodities prices continued to drop on Thursday, while copper futures prices at India's Multi Commodity Exchange settled up as incremental cuts to mine supply and a revival in China demand underpinned a modest rise in prices.

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 armature, copper sheet cutting, copper super d.rod, c copper utensil scrap and copper wire bars traded down on Thursday.

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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, brass sheet cuttings, brass utensil scrap also traded down on Thursday.

However, the most active November copper contract on Multi Commodity Exchange settled up by 0.16% to Rs. 349.75 per kilogram on Thursday from previous close of Rs. 349.20 per kilogram. The MXC copper prices touched an intra-day high of Rs. 351.20 per kilogram and an intra-day low of Rs. 347.10 per kilogram during Thursday.

However, LME copper prices fell to six year lows in late August and have since lifted as northern hemisphere demand revives after summer.

China's monthly copper imports surged a third in September, hitting a 20-month high after staying flat in the previous three months, as price differentials favoured spot purchases and some shipments arrived ahead of the week-long October 1 holiday.