INDIA January 19 2017 2:11 PM
MUMBAI (Scrap Register): India's major brass and copper scrap prices climbed on Wednesday, while copper futures prices at India's Multi Commodity Exchange settled down when U.S. President-elect Donald Trump rattled investors by saying the dollar was too strong.
India's major brass and copper scrap commodities like brass accessories, acr copper coil 3/8, copper armature, copper heavy scrap, copper mixed scrap,copper pat, copper shell 40mm, copper super d.rod, copper utensil scrap, copper wire scrap and electrolytic copper strip 25mm traded higher on Wednesday.
The most active February copper contract on the India's Multi Commodity Exchange fell by 0.65% to Rs. 393.95 per kilogram on Wednesday from previous close of Rs. 394.20 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 395.75 per kilogram and an intra-day low of Rs. 392.35 per kilogram during Wednesday.
The supporting factors of copper prices were U.S. data showing industrial production in December recorded its biggest increase in two years. Investors were looking ahead to GDP and industrial output data on Friday from China, the world's biggest copper consumer.
Barclays raised its forecast for global copper demand this year to 3 percent from 2 percent and said disruptions towards the end of last year had pushed back production at several key mines, tightening supply.