INDIA March 15 2017 2:43 PM
MUMBAI (Scrap Register): India's major brass and copper scrap prices advanced on Tuesday, while copper futures prices at India's Multi Commodity Exchange edged up as funds bought on growing expectations of stronger demand from top consumer China, but a higher US dollar ahead of Wednesday's decision on US interest rates by the Federal Reserve caps gains.
India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass sheet scrap, brass shell 40mm, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper heavy scrap, copper mixed scrap, copper pat, opper shell 40mm, copper super d.rod, copper utensil scrap, copper wire scrap and electrolytic copper strip 25mm traded higher on Tuesday.
The most active April copper contract on the India's Multi Commodity Exchange settled up by 0.01 percent to Rs. 385.50 per kilogram on Tuesday from previous close of Rs. 385.45 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 387.10 per kilogram and an intra-day low of Rs. 379.50 per kilogram during Tuesday.
China issued data on Tuesday showing the economy got off to a strong start this year, supported by bank lending, infrastructure spending and a much-needed resurgence in private investment. China accounts for just under half of global copper demand, which is estimated at around 23 million tons this year.