India major Brass, Copper Scrap prices drop; Copper Futures settle slightly up

INDIA February 18 2016 4:36 PM     

MUMBAI (Scrap Register): Major  Indian brass and copper scrap prices dropped on Wednesday, while copper prices  at India's Multi Commodity Exchange settled slightly up as persistent jitters  over global growth tempered support from soaring oil and a successful short-term  debt refinancing by commodities giant Glencore.

The major brass and  copper scrap commodities traded down on the Scrap register Price Index as on  Wednesday. The major brass and copper scrap commodities like brass huny, ACR  copper coil 3/8, copper armature, copper shell 40mm and electrolytic copper  strip 25mm traded down on Wednesday.

However, the most active February copper  contract on the India's Multi Commodity Exchange settled slightly higher by  0.88% to Rs. 313.70 per kilogram on Wednesday from previous close of Rs. 310.95  per kilogram. Copper futures at MCX touched and intra-day high of Rs. 314.60 per  kilogram and an intra-day low of Rs. 309.95 per kilogram during  Wednesday.

Copper prices have been hit by slow demand over the Lunar New  Year, and global growth concerns that have flattened trade. But with factories  ramping up ahead of China's seasonal demand peak in the second quarter. Support  seen after the Miners have also cut production and China's smelters have pledged  to curb output in the first quarter, adding to price support.