India's Brass, Copper Scrap prices climb; Copper Futures settle down

INDIA January 04 2017 12:10 PM

MUMBAI (Scrap Register): Major brass and copper scrap prices of India climbed on Tuesday, while copper futures prices at India's Multi Commodity Exchange ended down as a stronger dollar outweighed expectations of solid consumption in the United States and China.

India's major brass and copper scrap commodities like brass huny scrap, brass shell 40mm,acr copper coil 3/8, cc rod lme ++, copper armature, copper cathod lme ++, copper shell 40mm, copper utensil scrap and electrolytic copper strip 25mm showed an up trend during Tuesday.

The most active February copper contract on the India's Multi Commodity Exchange settled lower by 0.45% to Rs. 376.60 per kilogram on Tuesday from previous close of Rs. 378.30 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 384.15 per kilogram and an intra-day low of Rs. 376.10 per kilogram during Tuesday.

Manufacturing activities of United States grew by more than expected in November, making dollar-denominated assets such as copper more expensive for holders of other currencies. 

Economic sentiment remained bullish for the world's largest economy on prospects of rising U.S. interest rates and expectations that President-elect Donald Trump will provide a boost to public spending and growth.