INDIA November 09 2016 2:04 PM
MUMBAI (Scrap Register): India major brass and copper scrap prices advanced on Tuesday in line with copper futures prices at India's Multi Commodity Exchange as expectations of stronger demand in top consumer China and optimism that Democrat Hillary Clinton will win the U.S. presidential election boosted sentiment and spurred buying.
The major brass and copper scrap commodities like copper & brass up: brass accessories, brass huny scrap, brass shell 40mm, acr copper coil 3/8, copper armature, copper cable scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper wire scrap and electrolytic copper strip 25mm traded up during Tuesday.
The most active November copper contract on the India's Multi Commodity Exchange settled higher by 2.24% to Rs. 348.80 per kilogram on Tuesday from previous close of Rs. 341.150 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 349.25 per kilogram and an intra-day low of Rs. 337.60 per kilogram during Tuesday.
Data showed China's imports of copper fell 14.7 percent in October to the lowest since February 2015, also weighed on the price. Imports have been falling consistently over the past six months, down 40 percent, as the spread between LME and Shanghai Futures remains a disincentive to trade.