India major Brass, Copper Scrap prices climb; Copper Futures drop 1.28 percent

INDIA January 17 2017 4:06 PM

MUMBAI (Scrap Register): India's major brass and copper scrap prices climbed on Monday, while copper futures prices at India's Multi Commodity Exchange declined by 1.28 percent mainly due to stronger dollar prompted some investors to cash in gains after last week's upbeat Chinese and U.S. data lifted the metal to a five-week high overnight.

India's major brass and copper scrap commodities like brass accessories, brass shell 40mm, cc rod lme ++, copper cable scrap, copper cathod lme ++ and copper heavy scrap showed an up trend on Monday. 

The most active February copper contract on the India's Multi Commodity Exchange settled down by 1.28% to Rs. 400.05 per kilogram on Monday from previous close of Rs. 405.25 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 405.90 per kilogram and an intra-day low of Rs. 399.60 per kilogram during Monday. 

With U.S. traders absent because of the Martin Luther King Day holiday and wider markets gearing up for U.S. president-elect Donald Trump's inauguration on Friday, some buyers are taking the opportunity to realise profits. 

Copper prices increased last week on the heels of Chinese data indicating inflation growth, reassuring strong demand from the world’s largest consumer of the metal. 

Chinese customs data on Friday showed that the country shipped in a record 4.95 million tonnes of copper in 2016, while U.S. data revealed retail sales there climbed in December.