INDIA May 12 2017 12:24 PM
MUMBAI (Scrap Register): India's major brass and copper scrap prices stayed flat on Thursday, while copper futures prices at India's Multi Commodity Exchange settled slightly up as industrial output shows the signs of slowing down and inventories rise, also pressure seen amid ongoing concerns over rising supply and disappointing Chinese import data.
India's major brass and copper scrap commodities like brass bharat accessories, brass chadripital desi, brass pallu scrap, brass radiator desi , brass radiator imported, brass utensil scrap, acr copper coil 3/8, copper armature, copper cable scrap, copper mixed scrap, copper, copper sheet cutting pat, copper shell 40mm, copper super d.rod, copper wire bars, copper wire scrap and electrolytic copper strip 25mm showed a flat trend on Thursday.
The most active June copper contract on the India's Multi Commodity Exchange settled slightly higher by 0.24 percent to Rs. 358.85 per kilogram on Thursday from previous close of Rs. 358.00 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 365.00 per kilogram and an intra-day low of Rs. 358.00 per kilogram during Thursday.
Copper prices have risen as funds cut bearish bets, but the sustainability of gains will depend on industrial activity and investment data from top consumer China next week.
Meanwhile Chinese industrial output is expected to have risen by 7.1 per cent in April, slowing from 7.6 per cent in March, when it rose the fastest on a yearly basis since December 2014.