INDIA May 25 2017 5:33 PM
NEW DELHI (Scrap Register): India's major brass and copper scrap prices declined on Scrap Register Price Index as on Wednesday tracking the weakness in copper futures prices at India's Commodity Exchange as Moody’s Investors Service cut China’s sovereign credit rating for the first time in nearly three decades.
India's major brass and copper scrap commodities like brass accessories, brass huny scrap, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper heavy scrap, copper shell 40mm and electrolytic copper strip 25mm traded lower on Scrap Register Price Index as on Wednesday.
The most active June copper contract on the India's Multi Commodity Exchange settled down by 0.56 percent to Rs. 371.50 per kilogram on Wednesday from previous close of Rs. 373.60 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 372.70 per kilogram and an intra-day low of Rs. 367.65 per kilogram during Wednesday.
China is a big user and importer of copper and other metals. The downgrade reflects Moody’s expectation that China’s financial strength will erode somewhat over the coming years, with economy wide debt continuing to rise as potential growth slows.
China's imports of refined copper in April slid by 41 percent from a year ago, trade data showed, as traders found their buying power crimped by tighter access to credit.