INDIA November 28 2016 4:16 PM
MUMBAI (Scrap Register): India major brass and copper scrap prices climbed on Friday, while copper futures prices at India's Multi Commodity Exchange settled up as data showed falling Chinese imports of the red metal. Customs data showed China imported 189,812 tons of refined copper in October, down 45% year on year and the lowest monthly level since April 2013.
The major brass and copper scrap commodities like copper & brass up: brass sheet cuttings, brass sheet scrap, brass shell 40mm, brass utensil scrap, acr copper coil 3/8, copper armature, copper cable scrap, 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 0.323% to Rs. 403.75 per kilogram on Friday from previous close of Rs. 402.45 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 404.60 per kilogram and an intra-day low of Rs. 398.25 per kilogram during Friday.
A run of positive Chinese economic data and optimism about infrastructure spending in the U.S. following the election of Donald Trump have fueled optimism about demand for industrial metals. The metal is headed for the biggest monthly gain in a decade as investors flock back to commodities even as some banks warn the rally has gone too far.
At a time when money managers have never been so bullish on copper, there are other signs that prices have jumped too fast. U.S. durable goods data showed a 4.8% jump, the highest in a year, stoking further expectations of higher demand for the metal.