INDIA August 10 2017 5:21 PM
MUMBAI (Scrap Register): India’s major brass and copper scrap prices gained on the Scrap Register Price Index as on Wednesday, while copper futures prices at India's Multi Commodity Exchange settled down mainly due to profit booking after prices rose as metals demand prospects have improved due to reconstruction activity.
India's major brass and copper scrap commodities like brass accessories, brass huny 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 utensil scrap, copper wire scrap and electrolytic copper strip 25mm have advanced during Wednesday.
The most active August copper contract on India's Multi Commodity Exchange settled slightly down by 0.11 percent to Rs. 413.60 per kilogram on Wednesday from previous close of Rs. 414.05 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 416.95 per kilogram and an intra-day low of Rs. 411.95 per kilogram during Wednesday.
Traders are caution on geopolitical events after North Korea said it is "carefully examining" plans for a missile strike on the U.S. Pacific territory of Guam, just hours after U.S. President Donald Trump told the North that any threat to the United States would be met with "fire and fury".
According to China Customs, China imported 390,000 tonnes of unwrought copper and copper semis in July, up 8.3% YoY. The imports fell 15.2% YoY to 2.62 million tonnes in the first seven months of 2017.