INDIA December 21 2016 5:44 PM
MUMBAI (Scrap Register): India major brass and copper scrap prices fell on Tuesday, while copper futures prices at India's Multi Commodity Exchange edged higher in line with copper prices at London Metal Exchange.
The major brass and copper scrap commodities like 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 electrolytic copper strip 25mm, brass accessories, brass huny scrap, brass sheet cuttings, brass sheet scrap, brass shell 40mm and brass utensil scrap traded down during the day.
The most active February copper contract on the India's Multi Commodity Exchange settled slightly higher by 0.37% to Rs. 377.05 per kilogram on Tuesday from previous close of Rs. 375.65 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 378.30 per kilogram and an intra-day low of Rs. 373.40 per kilogram during Tuesday.
LME copper stocks have surged 62 percent or about 130,000 tons in the past nine days, LME data showed, reaching 345,522 tons.
Indonesia's mining ministry expects the country's copper production to jump to 710,000 tons next year. Ministry cut the outlook for copper production this year to 241,553 tons from 310,000 tons.
