India Brass, Copper scrap decline; MCX Copper settles slightly up

INDIA October 28 2015 4:44 PM 

MUMBAI (Scrap Register): India major brass and copper scrap commodities prices traded down on Tuesday, while copper futures prices at India's Multi Commodity Exchange settled slightly up.

The major copper scrap commodities traded down on Scrap Register Price Index as on Tuesday. India's major copper scrap commodities like copper armature, copper cable scrap, copper heavy scrap, copper sheet cutting, copper utensil scrap, copper mixed scrap, copper wire bars, 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 sheet cuttings and brass utensil scrap dropped on Tuesday.

However, the most active November copper contract on Multi Commodity Exchange settled up by 0.60% to Rs. 342.05 per kilogram on Tuesday from previous close of Rs. 340.05 per kilogram. The MCX copper prices touched an intra-day high of Rs. 343.65 per kilogram and an intra-day low of Rs. 340.30 per kilogram during Tuesday.

The surprise rate cut from China initially had a positive effect on metals prices, but as the dollar found major strength, these metals, including copper, fell to the lows established on October 21.

The Chinese government’s meeting to draft its 5-year development plan, as well as the FOMC meeting, will help define the direction of copper prices in the short term. Prices have been under pressure in recent sessions as persistent worries about future demand from top consumer China weighed.