India Brass, Copper Scrap prices decline; Copper Futures edge up

INDIA June 08 2017 5:35 PM
NEW DELHI (Scrap Register): India's major brass and copper scrap prices declined on the Scrap Register Price Index as on Wednesday, while copper futures prices at India's Commodity Exchange edged up as investors turned positive on equities after an initial flight to commodities ahead of key events unfolding this week.

India's major brass and copper scrap commodities like brass huny scrap, brass sheet cuttings, brass sheet scrap, brass shell 40mm, brass utensil scrap, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper shell 40mm and electrolytic copper strip 25mm showed a down trend on the Scrap Register Price Index as on Wednesday.

The most active June copper contract on the India's Multi Commodity Exchange edged up by 0.17 percent to Rs. 363.85 per kilogram on Wednesday from previous close of Rs. 363.25 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 364.50 per kilogram and an intra-day low of Rs. 361.15 per kilogram during Wednesday.

China's economy is likely to have remained on a stable footing in May, buoyed by solid gains in trade and investment as economic ties with the United States take a positive turn and infrastructure spending cushions domestic growth. 

Japan's economic growth in the January-March period was severely revised down from the original estimate because of a downward adjustment in business inventories, the Cabinet Office said, underscoring the fragility of its export-led expansion.