INDIA January 02 2017 2:09 PM
MUMBAI (Scrap Register): India major brass and copper scrap prices fell on Friday, while copper futures prices at India's Multi Commodity Exchange settled higher amid falling stocks and expectations of stronger demand in top consumer China persuaded buyers to return to the market.
The major brass and copper scrap commodities like brass shell 40mm, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper heavy scrap, copper shell 40mm, copper utensil scrap and electrolytic copper strip 25mm traded lower on Friday.
The most active February copper contract on the India's Multi Commodity Exchange settled higher by 0.64% to Rs. 376.80 per kilogram on Friday from previous close of Rs. 374.40 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 378.60 per kilogram and an intra-day low of Rs. 375.20 per kilogram during Friday.
Large deliveries of copper to LME-registered warehouses -- thought to be from China -- helped to fuel the sell-off. Deliveries between December 8 and December 16 rose by more than 60% to 345,475 tons.
Since then stocks are down more than three per cent. Markets started the year on a sombre note due to weak demand growth in top consumer China and massive supply overhangs.