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

INDIA February 15 2016 5:23 PM    

MUMBAI (Scrap Register): Major  Indian brass and copper scrap prices declined on Friday, while copper prices at  India's Multi Commodity Exchange settled slightly up mainly on firm global  trend.

The major brass and copper scrap commodities traded down on the  Scrap register Price Index as on Friday. The major brass scrap commodities like  brass chadripital desi, brass huny scrap, brass radiator desi, brass sheet  scrap, brass utensil scrap and brass shell 40mm traded down on  Friday.

The major copper scrap commodities like  copper heavy scrap, copper mixed scrap, copper pat, copper super D.rod, copper  utensil scrap, copper wire bars, copper wire scrap traded down on  Friday.

However, the most active February copper contract on the India's  Multi Commodity Exchange settled slightly higher by 0.58% to Rs. 306.50 per  kilogram on Friday from previous close of Rs. 304.75 per kilogram. Copper  futures at MCX touched and intra-day high of Rs. 308.85 per kilogram and an  intra-day low of Rs. 304.10 per kilogram during Friday.

Global growth  concerns have been aggravated by large losses in bank shares, the potential for  a financial crisis and worries about the U.S. Federal Reserve raising rates  despite signs of economic slowdown in the United States.

However, Fed  Chair Janet Yellen stressed U.S. interest rates were not on a "pre-set" path to  "normal". Comments from the U.S. Federal Reserve's chairwoman, Janet Yellen,  that tighter credit markets, volatile financial markets and uncertainty over  Chinese economic growth have raised risks for the U.S. economy also undermined  confidence.