India Brass, Copper Scrap prices down; Copper Futures up 2.6 percent

INDIA December 06 2016 11:33 AM

MUMBAI (Scrap Register): India major brass and copper scrap prices fell on Monday, while copper futures prices at India's Multi Commodity Exchange settled higher mainly due to an improving demand outlook and concerns about supply constraints next year. 

The major brass and copper scrap commodities like brass accessories, brass huny scrap, brass sheet cuttings, brass sheet scrap, brass shell 40mm, 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 lower on Monday.

The most active February copper contract on the India's Multi Commodity Exchange advanced by 2.6% to Rs. 406.70 per kilogram on Monday from previous close of Rs. 396.70 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 409.85 per kilogram and an intra-day low of Rs. 399.10 per kilogram during Monday.

A private report showed U.S. non-manufacturing industries expanded at the fastest pace in 13 months, while data from Caixin Media and Markit Economics indicated a pickup in China’s service industries in November. 

Fed officials cautioned that the incoming Trump administration's economic plans should not be cast as if the economy is in crisis, but instead be designed to help the economy's long-run prospects.