INDIA August 14 2017 4:40 PM
MUMBAI (Scrap Register): India’s major copper scrap prices gained on the Scrap Register Price Index as on Friday, in line with the firmness in copper futures prices at India's Multi Commodity Exchange.
India's major copper scrap commodities like brass accessories, brass sheet cuttings, brass sheet scrap, 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 up trend on the Scrap Register Price Index as on Friday.
The most active August copper contract on India's Multi Commodity Exchange settled slightly down by 0.09 percent to Rs. 412.25 per kilogram on Friday from previous close of Rs. 411.50 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 413.00 per kilogram and an intra-day low of Rs. 407.25 per kilogram during Friday.
Prices clawed higher since last month getting a boost from another surge in Chinese steel prices and from investors who are still bullish about shortages of the metal developing.
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".