INDIA May 15 2017 5:08 PM
MUMBAI (Scrap Register): India's major brass and copper scrap prices advanced on Friday tracking the up trend in copper futures prices at India's Multi Commodity Exchange as Chinese authorities' move to ease monetary policy spurred growth hopes.
India's major brass and copper scrap commodities like brass accessories, brass shell 40mm, acr copper coil 3/8, copper armature, 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 Friday.
The most active June copper contract on the India's Multi Commodity Exchange settled up by 0.26 percent to Rs. 359.80 per kilogram on Friday from previous close of Rs. 358.85 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 360.90 per kilogram and an intra-day low of Rs. 358.00 per kilogram during Friday.
China's central bank injected fresh funds through a medium-term lending facility while keeping a tight rein on short-term funding in an effort to dampen speculative investment.
Chinese banks extended 1.1 trillion yuan ($159 billion) in net new yuan loans in April, above expectations. Reining in excessive local government debt and the shadow banking sector in China has been high on the central government's agenda in recent weeks, leading to concerns growth will stall.