INDIA February 22 2016 11:35 AM
MUMBAI (Scrap Register): Major Indian brass and copper scrap prices climbed on Friday in line with copper prices at India's Multi Commodity Exchange as traders bought into low prices to build stocks ahead of a stronger season for demand in top user China.
The major brass and copper scrap commodities traded up on the Scrap Register Price Index as on Friday. The major brass and copper scrap commodities like brass utensil scrap, brass shell 40mm, ACR copper coil 3/8, CC rod LME ++, copper armature, copper cable scrap, copper cathod LME ++, Copper shell 40mm and Electrolytic Copper strip 25mm traded up on Friday.
However, the most active February copper contract on the India's Multi Commodity Exchange settled slightly higher by 0.4% to Rs. 316 per kilogram on Friday from previous close of Rs. 314.90 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 318 per kilogram and an intra-day low of Rs. 314.10 per kilogram during Friday.
Some signs have emerged to suggest China's infrastructure spending drive is feeding through into the real economy such as a pick-up in electrical wire fabrication and rising grid spend.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)