INDIA January 15 2016 4:30 PM     

MUMBAI (Scrap Register): India  major brass and copper scrap commodities prices traded down on Thursday, while  copper futures prices at India's Multi Commodity Exchange bounced back after  hitting fresh 6-1/2-year lows following a rebound in the oil price gave pause to  investors' worries about the state of the global economy.

The major  brass and copper scrap commodities traded down on Scrap Register Price Index as  on Thursday. India's major copper scrap commodities like brass bharat  accessories, brass chadripital desi, brass huny scrap, copper cathod LME ++,  copper mixed scrap, copper pat, copper super D.Rod and copper wire scrap trade  down on Thursday.

However, the most active  February copper contract on Multi Commodity Exchange settled higher by nearly  1.9% to Rs. 297.25 per kilogram on Thursday from previous close of Rs. 291.90  per kilogram. The MCX copper prices touched an intra-day high of Rs. 299.55 per  kilogram and an intra-day low of Rs. 292.90 per kilogram during  Thursday.

Declining oil prices also reduce costs for mining companies,  allowing them to continue to produce at lower metals prices, potentially  creating further surpluses.

LME data also showed that one party was the  dominant holder of the LME's inventories and cash positions in copper, holding  over 50 percent, which traders said could be linked to the tight  availability.