UNITED STATES July 18 2017 2:35 PM
NEW DELHI (Scrap Register): India's major brass and copper scrap prices continued to advance on the Scrap Register Price Index as on Monday tracking the firmness in copper futures prices at India's Multi Commodity Exchange, after upbeat Chinese economic data dampened fears of a slowdown in the metal's largest market.
India's major brass and copper scrap commodities like brass accessories, 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 heavy scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper wire scrap and electrolytic copper strip 25mm showed an up trend on the Scrap Register Price Index as on Monday.
The most active August copper contract on India's Multi Commodity Exchange gained by 1.47 percent to Rs. 389.30 per kilogram on Monday from previous close of Rs. 383.65 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 390.45 per kilogram and an intra-day low of Rs. 385.00 per kilogram during Monday.
Copper prices on LME also rose nearly 1.08 percent to settle at $5,989.75 a ton, touching its highest level since early March, as the economic data from top consumer China helped reinforce expectations of strong demand.