INDIA June 15 2017 5:39 PM
NEW DELHI (Scrap Register): India's major brass and copper scrap prices declined on the Scrap Register Price Index as on Wednesday in line with the weakness in the copper futures prices at India's Multi Commodity Exchange, after the U.S. Federal Reserve raised rates for the second time this year, boosting financing costs for industry.
India's major brass and copper scrap commodities like brass huny scrap, brass sheet cuttings, brass sheet scrap, 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 traded lower on the Scrap Register Price Index as on Wednesday.
The most active June copper contract on the India's Multi Commodity Exchange fell by 1.56 percent to Rs. 363.90 per kilogram on Wednesday from previous close of Rs. 369.65 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 370.55 per kilogram and an intra-day low of Rs. 363.20 per kilogram during Wednesday.
The Federal Reserve raised interest rates on Wednesday for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and strengthening job market.
China's economy generally remained on solid footing in May, but tighter monetary policy, a cooling housing market and slowing investment reinforced views that it will gradually lose momentum in coming months.