INDIA January 28 2016 12:12 PM    

MUMBAI (Scrap Register): India  major brass and copper scrap commodities prices advanced on Wednesday, while  copper futures prices at India's Multi Commodity Exchange settled a two and half  week high as oil prices jumped, tempting investors to buy back short positions,  though some caution prevailed ahead of a Federal Reserve policy  meeting.

The major brass and copper scrap commodities  traded up on Scrap Register Price Index as on Wednesday. India's major brass and  copper scrap commodities like brass accessories, brass huny scrap, brass sheet  scrap, brass shell 40mm, brass utensil scrap, ACR copper coil 3/8, CC rod LME  ++, copper armature, copper cable scrap, copper cathod LME ++, copper mixed  scrap, copper pat, copper shell 40mm, copper super D.Rod and copper wire scrap  traded up on Wednesday.

However, the most active February copper contract  on Multi Commodity Exchange settled higher by 3.8% to Rs. 312.25 per kilogram on  Wednesday from previous close of Rs. 300.85 per kilogram. The MCX copper prices  touched an intra-day high of Rs. 313.60 per kilogram and an intra-day low of Rs.  301.55 per kilogram during Wednesday.

However, three-month copper on the  London Metal Exchange ended up 1.2 percent at $4,590 a ton, having hit its  highest since January 8 at $4,595 a ton. The Federal Reserve is expected to  leave interest rates unchanged at its upcoming meeting, and to perhaps soften  its tone on its earlier outlook for four quarter-point rate hikes this  year.