INDIA November 26 2015 11:46 AM
MUMBAI (Scrap Register): India major brass and copper scrap commodities prices traded up on Wednesday, while copper futures prices at India's Multi Commodity Exchange settled slightly down as expectations of higher interest rates in U.S., broadly stronger U.S. dollar and slower global economic growth weighed.
The major copper scrap commodities traded up on Scrap Register Price Index as on Wednesday. India's major copper scrap commodities like ACR Copper Coil, CC Rod LME ++, Copper armature, Copper cable scrap, Copper shell 40mm and Electrolytic Copper strip 25mm traded down on Wednesday.
The major brass scrap commodities also traded up on Scrap Register Price Index as on Wednesday. India's major brass scrap commodities like Brass Sheet scrap and Brass Shell 40mm also traded down on Wednesday.
However, the most active November copper contract on Multi Commodity Exchange settled down by 0.68% to Rs. 300.15 per kilogram on Wednesday from previous close of Rs. 302.20 per kilogram. The MCX copper prices touched an intra-day high of Rs. 302.85 per kilogram and an intra-day low of Rs. 297.30 per kilogram during Wednesday.
Prices of the red metal were down as fears of a China-led global economic slowdown and a stronger greenback slammed commodities. Data showed that the U.S. economy grew more than initially estimated in the third quarter, supporting the case for a rate hike next month.
Inbound shipments of refined copper are expected to drop in November. Growing supply of domestic refined copper, weak demand and no import profits will combine to reduce import demand.