INDIA October 27 2015 3:25 PM
MUMBAI (Scrap Register): India major brass and copper scrap commodities prices stayed stable on Monday, while copper futures prices at India's Multi Commodity Exchange settled slightly down as support seen after China cut interest rates late last week to shore up growth in the world's No.2 economy.
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.
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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% to Rs. 340.05 per kilogram on Monday from previous close of Rs. 340.30 per kilogram. The MCX copper prices touched an intra-day high of Rs. 343.75 per kilogram and an intra-day low of Rs. 339.35 per kilogram during Monday.
However, three-month copper on the LME gained 0.2 percent to $5,184.50 a ton. Prices shed 2 percent last week for the largest weekly loss in a month, with the market struggling to build on a recovery from six-year lows below $5,000.
Traders had mixed views on China's rate cut after poor price action following the announcement on Friday, when prices initially popped up before cutting gains and turning negative. Mounting bad loans are running down Chinese banks' capital buffers, forcing them to turn to investors for fresh funds despite raising a record amount last year.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
