India Brass, Copper scrap prices rise; MCX Copper settles higher at Rs. 315.70/kg

INDIA February 04 2016 5:15 PM     

MUMBAI (Scrap Register): India  major brass and copper scrap commodities prices rose on Wednesday, while copper  futures prices at India's Multi Commodity Exchange settled higher as inventories  decline, oil prices bounce and traders continue to reverse bets on falling  prices ahead of the Chinese Lunar New Year break.

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 bharat  accessories, brass sheet cuttings, brass utensil scrap, copper mixed scrap,  copper heavy scrap, copper pat, copper super D.rod, copper utensil scrap and  copper wire scrap traded up on Wednesday.

However, the most active February copper  contract on Multi Commodity Exchange settled higher by 1.9% to Rs. 315.70 per  kilogram on Wednesday from previous close of Rs. 309.95 per kilogram. The MCX  copper prices touched an intra-day high of Rs. 316.90 per kilogram and an  intra-day low of Rs. 310.35 per kilogram during Wednesday.

Copper futures  prices at India's Multi Commodity Exchange settled higher mainly due to the US  dollar tumbled as scepticism over rate hikes grew following weak US services  data. A soft dollar makes metals priced in the currency cheaper for non-US  investors.

Also Crude oil rallied on fresh talk of output cuts, tempting  investors into commodity funds that include metals, while available or  'on-warrant' LME copper stocks fell to their lowest since January 2015.