India Brass, Copper Scrap prices climb; Copper Futures settle higher

INDIA February 09 2017 4:24 PM

MUMBAI (Scrap Register): Major brass and copper scrap prices of India climbed on Wednesday, while copper futures prices at India's Multi Commodity Exchange ended up mainly due to higher demand from China exacerbates supply shortages sparked by outages at large mines.

India's major brass and copper scrap commodities like brass sheet cuttings, brass sheet scrap, brass shell 40mm, brass utensil scrap, acr copper coil 3/8, cc rod lme ++, copper armature, copper cathod lme ++, 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 settled higher by 0.83 percent to Rs. 394.45 per kilogram on Wednesday from previous close of Rs. 391.20 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 399.25 per kilogram and an intra-day low of Rs. 392 per kilogram during Wednesday.

Copper, which is used as a proxy to gauge China's economic health, has had a torrid time in the past few years. China's economic wobbles led to a reassessment of demand and fueled a broad-based slump in commodities, prompting companies to slash investments.