INDIA November 08 2016 5:38 PM
MUMBAI (Scrap Register): India major brass and copper scrap prices advanced on Monday, while copper futures prices at India's Multi Commodity Exchange traded higher in step with a firmer Shanghai futures contract as US presidential candidate Hillary Clinton averted charges over use of emails.
The major brass and copper scrap commodities like brass accessories, brass sheet cuttings, brass sheet scrap, brass shell 40mm, brass utensil scrap, 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 shell 40mm, copper super d.rod, copper utensil scrap, copper wire scrap and electrolytic copper strip 25mm traded higher during the day.
The most active November copper contract on the India's Multi Commodity Exchange settled higher by nearly 2% to Rs. 341.150 per kilogram on Monday from previous close of Rs. 334.55 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 341.35 per kilogram and an intra-day low of Rs. 335.50 per kilogram during Monday.
Copper was bolstered by news that the U.S. FBI stood by its earlier recommendation that no criminal charges were warranted against Clinton. Markets are attempting to strike a balance between a Clinton win and the possibility of a sell-off in commodities if Trump is elected. Sentiment was mixed on whether the hours leading up to the U.S. election on Nov. 8 will spur or subdue trading activity.
Big moves in commodity markets are unlikely leading into the U.S. election. Supporting copper are moves afoot in China to lift power investments by 83 percent over the 2016-2020 Five-Year Plan. While 40 percent of the world's copper needs are met by China, the country's power units account for half of its domestic consumption.