INDIA June 29 2017 5:32 PM
NEW DELHI (Scrap Register): India's major brass and copper scrap prices gained on the Scrap Register Price Index as on Wednesday tracking the firmness in copper futures prices at India's Multi Commodity Exchange thanks to sharp fell in the dollar, signs of tighter supply and optimism over Chinese demand, although worries about U.S. economic growth capped the upside.
India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass sheet scrap, cc rod lme ++, copper cathod lme ++, copper heavy scrap, copper mixed scrap, copper pat, copper super d.rod, copper utensil scrap and copper wire scrap showed an up trend on the Scrap Register Price Index as on Wednesday.
The most active June copper contract on the India's Multi Commodity Exchange settled higher by 0.57 percent to Rs. 378.80 per kilogram on Wednesday from previous close of Rs. 376.65 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 379.20 per kilogram and an intra-day low of Rs. 375.90 per kilogram during Wednesday.
The latest monthly report of the International Copper Study Group (ICSG) shows there was a surplus of 164,000 tonnes of the metal in the first quarter of 2017, which it attributes mainly to a decline in Chinese demand. The year-ago quarter had seen a small deficit. China accounts for 47% of global copper usage.