India Brass, Copper Scrap prices gain tracking firmness in Copper Futures

NEW DELHI (Scrap Register): India's major brass and copper scrap prices gained on the Scrap Register Price Index as on Monday tracking the firmness in copper futures prices at India's Multi Commodity Exchange driven by upbeat sentiment over the global economy after confidence at Japanese manufacturers rebounded, but prices were capped by a stronger dollar.
India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass sheet scrap, brass shell 40mm, acr copper coil 3/8, copper armature, copper cable scrap, copper heavy scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper wire scrap and electrolytic copper strip 25mm showed an upper trend on the Scrap Register Price Index as on Monday.
The most active June copper contract on the India's Multi Commodity Exchange settled higher by 0.94 percent to Rs. 368.90 per kilogram on Monday from previous close of Rs. 365.45 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 369.95 per kilogram and an intra-day low of Rs. 365.50 per kilogram during Monday.
Japan's copper cable shipments, including sales and exports, in May rose by 3% from a year earlier to 50,700 tons on an estimated basis, the Japan Electric Wire and Cable Makers' Association said.