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.