News from China boosts India Copper Scrap, MCX Copper prices

INDIA February 23 2016 2:46 PM     

MUMBAI (Scrap Register): Major  Indian brass and copper scrap prices climbed on Monday, while copper prices at  India's Multi Commodity Exchange ended higher as the resignation of the head of  China's securities regulator and an uptick in the China's beleaguered steel  industry sparked hope for a revival in metals demand.

The major brass and  copper scrap commodities prices advanced on the Scrap Register Price Index as on  Monday. The major brass scrap commodities like brass huny scrap, brass utensil  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 heavy scrap, copper mixed scrap, copper pat, copper sheet  cutting, copper shell 40mm, copper super D.Rod, copper utensil scrap, copper  wire bars, copper wire scrap and electrolytic copper strip 25mm traded up on  Monday.

However, the most active February copper contract on the India's  Multi Commodity Exchange settled higher by 1.5% to Rs. 320.80 per kilogram on  Monday from previous close of Rs. 316.05 per kilogram. Copper futures at MCX  touched and intra-day high of Rs. 322.50 per kilogram and an intra-day low of  Rs. 317.70 per kilogram during Monday.

However, China will reduce or stop  issuing land for new residential housing projects in areas where there is a  supply glut, the latest in a series of measures aimed at clearing a property  overhang weighing on the economy.