India Brass, Copper Scrap prices shrink; Chinese demand concerns lift Copper Futures

INDIA March 10 2016 4:45 PM     

MUMBAI (Scrap Register): Major Indian brass and copper scrap prices shrank on Wednesday, while copper prices at  India's Multi Commodity Exchange settled higher as concerns over China's  appetite for commodities countered support from expectations of more monetary  easing in Europe.

The major brass and copper scrap commodities  prices dropped on the Scrap Register Price Index as on Wednesday. The major  brass and copper scrap commodities commodities like brass accessories, brass  huny scrap, brass shell 40mm, ACR copper coil 3/8, CC rod LME ++, copper  armature, copper cable scrap, copper cathod LME ++, copper mixed scrap, copper  pat, copper shell 40mm, copper super D.Rod, copper wire scrap and electrolytic  copper strip 25mm showed a down trend on the day.

However, the most  active April copper contract on the India's Multi Commodity Exchange settled  slightly higher by 0.22% to Rs. 334.60 per kilogram on Wednesday from previous  close of Rs. 333.85 per kilogram. Copper futures at MCX touched and intra-day  high of Rs. 337.05 per kilogram and an intra-day low of Rs. 332.35 per kilogram  during Wednesday.

Further support seen on the expectation that the  European Central Bank is set to unveil its second stimulus cocktail in three  months on Thursday, spurred by fears that low energy costs are feeding into  wages and prices, potentially perpetuating ultra-low inflation.