Indian major Brass, Copper Scrap prices climb in line with Copper Futures

INDIA February 16 2016 11:35 AM     

MUMBAI (Scrap Register): Major  Indian brass and copper scrap prices climbed on Monday in line with copper  futures prices at India's Multi Commodity Exchange boosted by the hopes that  China would unleash fresh easing measures to kickstart its economy after January  trade was dragged down by faltering growth in global markets.

The major  brass and copper scrap commodities advanced on the Scrap register Price Index as  on Monday. The major brass scrap commodities like brass accessories, brass huny  scrap, brass sheet scrap and brass shell 40mm traded up on Monday.

The major copper scrap commodities like ACR  copper coil 3/8, CC rod LME ++, Copper armature, copper cable scrap, copper  cathod LME ++, copper shell 40mm and electrolytic copper strip 25mm advanced on  Monday.

The most active February copper contract on the India's Multi  Commodity Exchange settled slightly higher by 1.3% to Rs. 310.25 per kilogram on  Monday from previous close of Rs. 306.50 per kilogram. Copper futures at MCX  touched and intra-day high of Rs. 314.40 per kilogram and an intra-day low of  Rs. 308.20 per kilogram during Monday.

Copper on the London Metal  Exchange had climbed 0.7 percent to $4,591 a ton adding to a 1.4 percent advance  in the previous session.

Meanwhile China's economy faces great  challenges and new uncertainties brought about by the global economic  environment and various countries' ailing stock markets, Premier Li Keqiang said  on Monday.