India Brass, Copper scrap prices drop; MCX Copper settles slightly higher

INDIA October 21 2015 4:49 PM

MUMBAI (Scrap Register): India major brass and copper scrap commodities prices dropped on Tuesday, while copper futures prices at India's Multi Commodity Exchange settled slightly higher as weak China economic growth data reinforced views that Beijing will roll out fresh support measures soon for the world's second largest economy.

The major copper scrap commodities has declined on Scrap Register Price Index as on Tuesday. 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 and copper wire scrap traded down on Tuesday.

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The major brass scrap commodities also traded down on Scrap Register Price Index as on Tuesday. India's major brass scrap commodities like brass huny scrap, brass sheet cuttings and brass utensil scrap prices declined on Tuesday.

However, the most active November copper contract on Multi Commodity Exchange settled up by 0.12% to Rs. 342.50 per kilogram on Tuesday from previous close of Rs. 342.50 per kilogram. The MCX copper prices touched an intra-day high of Rs. 344.25 per kilogram and an intra-day low of Rs. 339.85 per kilogram during Tuesday.

Chinese government data on Monday 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%.

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.