India Brass, Copper Scrap prices edge lower in line with Copper Futures

INDIA May 31 2017 4:52 PM
NEW DELHI (Scrap Register): India's major brass and copper scrap prices edged lower on Scrap Register Price Index as on Tuesday in line with copper futures prices at India's Commodity Exchange as the market waited for China to return from a public holiday and data on Wednesday that is expected to show a slowdown in Chinese industrial growth.

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India's major brass and copper scrap commodities like brass sheet cuttings, brass utensil scrap, cc rod lme ++, copper cathod LME ++, copper heavy scrap, copper mixed scrap, copper pat, copper super d.rod and copper wire scrap on Scrap Register Price Index as on Tuesday.

The most active June copper contract on the India's Multi Commodity Exchange declined by 0.12 percent to Rs. 367.15 per kilogram on Tuesday from previous close of Rs. 367.60 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 367.85 per kilogram and an intra-day low of Rs. 363.85 per kilogram during Tuesday.

Also weighing on copper prices were comments from China's largest copper smelter that the building of new smelting capacity will allow China to attain self-sufficiency in refined copper in the next few years.