INDIA December 05 2016 4:35 PM
MUMBAI (Scrap Register): India major brass and copper scrap prices dropped on Friday, while copper futures prices at India's Multi Commodity Exchange settled down as traders unwound speculative positions on doubts that the post US election rally has much further to run.
The major brass and copper scrap commodities like 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 wire scrap and electrolytic copper strip 25mm traded lower on Friday.
The most active February copper contract on the India's Multi Commodity Exchange settled lower by 0.73% to Rs. 396.70 per kilogram on Friday from previous close of Rs. 399.60 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 398.30 per kilogram and an intra-day low of Rs. 393.40 per kilogram during Friday.
However downside were limited as data showed that the US and China are growing at a multi-year high pace in manufacturing and jobs creation.
Adding to the downturn in sentiment was news that the Chinese government will implement a new commission to oversee new infrastructure projects – new projects are unable to start until they have carried out a review on energy usage to reduce infrastructure energy waste.