INDIA January 03 2017 4:17 PM
MUMBAI (Scrap Register): India major brass and copper scrap prices climbed on Monday, while copper futures prices at India's Multi Commodity Exchange edged up as worries of weakening demand receded with expectations that consumption will be strong in the United States and China.
The major brass and copper scrap commodities like brass accessories, brass shell 40mm, acr copper coil 3/8, copper armature, copper cable scrap, copper heavy scrap, copper shell 40mm, copper super d.rod, electrolytic copper strip 25mm traded higher on Monday.
The most active February copper contract on the India's Multi Commodity Exchange settled higher by 0.40% to Rs. 378.30 per kilogram on Monday from previous close of Rs. 376.80 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 380 per kilogram and an intra-day low of Rs. 376.05 per kilogram during Monday.
Industrial metals made a surprise jump in the last quarter of 2016, with copper posting a gain of 13 percent -- the biggest such advance since 2010.
The gains were propelled by a drop in London Metal Exchange-monitored inventories and speculation that President-elect Donald Trump’s pledges on infrastructure building will increase demand.