INDIA July 27 2017 5:36 PM
NEW DELHI (Scrap Register): India's major brass and copper scrap prices climbed further on the Scrap Register Price Index as on Wednesday tracking the firmness in copper futures prices at India's Multi Commodity Exchange on reports that China could ban imports of scrap metal by the end of next year.
India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass sheet scrap, brass sheet scrap, acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper wire scrap and electrolytic copper strip 25mm gained on the Scrap Register Price Index as on Wednesday.
The most active August copper contract on India's Multi Commodity Exchange has advanced further by 0.52 percent to Rs. 408.10 per kilogram on Wednesday from previous close of Rs. 406.00 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 414.25 per kilogram and an intra-day low of Rs. 405.45 per kilogram during Wednesday.
Prices rose on news that China could ban imports of some scrap metal, including copper, from the end of 2018, likely increasing demand for imported refined copper.
Metals were also supported by a better demand outlook from China after second-quarter growth beat expectations and the International Monetary Fund raised the country's 2017 growth forecast.