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China new spending plan lifts India major Brass and Copper Scrap prices, MCX Copper

iconMar 8, 2016 17:01
Source:SMM
Major Indian brass and copper scrap prices gained on Monday.

INDIA March 08 2016 11:35 AM

MUMBAI (Scrap Register): Major Indian brass and copper scrap prices gained on Monday, while copper prices at India's Multi Commodity Exchange edged higher after China's new economic targets announced at the National People's Congress over the weekend.

The targets for 2016 included a revised growth target of between 6.5% and 7%, a consumer price index growth target of around 3% and a budget deficit at 3% of gross domestic product.

The major brass and copper scrap commodities prices advanced on the Scrap Register Price Index as on Monday. The major brass and copper scrap commodities commodities like brass huny 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 during the day.

However, the most active April copper contract on the India's Multi Commodity Exchange settled lower by 0.35% to Rs. 340.4 per kilogram on Monday from previous close of Rs. 339.20 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 341.90 per kilogram and an intra-day low of Rs. 338 per kilogram during Monday.

Stockpiles of refined copper in Shanghai extended their advance to a record as the difference between domestic and foreign prices encouraged imports by China, the world’s biggest consumer.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)


India Brass prices
india copper scrap prices

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