India Brass, Copper scrap prices stay flat; MCX Copper settles down

INDIA October 20 2015 3:45 PM

MUMBAI (Scrap Register): India major brass and copper scrap commodities prices stayed flat on Monday, while copper futures prices at India's Multi Commodity Exchange settled down, after Chinese government data showed third-quarter economic growth slowed to 6.9%, the first time since the global financial crisis that the country’s gross domestic product has grown less than 7%.

The major copper scrap commodities traded almost flat on Scrap Register Price Index as on Monday. 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 remained unchanged on Monday.

The major brass scrap commodities also traded stable on Scrap Register Price Index as on Monday. India's major brass scrap commodities like brass huny scrap, brass sheet cuttings, brass utensil scrap also stayed flat on Monday.

However, the most active November copper contract on Multi Commodity Exchange settled down by 1.28% to Rs. 342.10 per kilogram on Monday from previous close of Rs. 346.55 per kilogram. The MXC copper prices touched an intra-day high of Rs. 345.90 per kilogram and an intra-day low of Rs. 340.30 per kilogram during Monday.

Official data released earlier showed that China’s economy grew 6.9% in the third quarter, slightly better than forecasts of a 6.8% rise but down from growth of 7.0% in the previous three months.

A separate report showed that industrial production rose by an annualized rate of 5.7% in September, below expectations for a 6.0% increase and following a gain of 6.1% in the preceding month.