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.
