India Major Brass, Copper Scrap prices remain flat; MCX Copper slips on Chinese demand worries

INDIA February 26 2016 10:40 AM 

MUMBAI (Scrap Register): Major Indian brass and copper scrap prices remained flat on Thursday, while copper prices at India's Multi Commodity Exchange ended lower as worries about demand in top consumer China were reinforced by equity market losses in Shanghai, but output cuts to help balance the market limited the losses.

The major brass and copper scrap commodities prices unchanged on the Scrap Register Price Index as on Thursday. The major brass scrap commodities like brass accessories, brass bharat accessories, brass chadripital desi, brass huny scrap, brass pales scrap, brass pallu scrap, brass radiator desi, brass radiator imported, brass sheet cuttings, brass sheet scrap, bass shell 40mm and brass utensil scrap remained flat during the day.

The major copper scrap commodities like ACR copper coil 3/8, copper armature, 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 showed a flat trend on Thursday.

However, the most active February copper contract on the India's Multi Commodity Exchange settled lower by 0.97% to Rs. 315 per kilogram on Thursday from previous close of Rs. 318.05 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 319.75 per kilogram and an intra-day low of Rs. 314 per kilogram during Monday.

Copper demand growth in China slowed to about 2 percent last year and market expect a similar or lower number this year. Market estimate about 600,000 tons of mined copper output has already been axed and expect up to 200,000 tons of additional cuts this year, leaving the market more balanced.