India Brass, Copper Scrap prices decline tracking the weakness in Futures

INDIA June 27 2017 2:14 PM

NEW DELHI (Scrap Register): India's major brass and copper scrap prices declined on the Scrap Register Price Index as on Monday tracking the weakness in copper futures prices at India's Multi Commodity Exchange as crude oil prices fell and U.S. durable goods data missed forecasts, though expectations for upbeat Chinese demand and concern over mine supply kept the metal underpinned near Friday's 11-week high.

India's major brass and copper scrap commodities like brass accessories, brass huny scrap, acr copper coil 3/8, copper armature, copper cable scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super d.rod, copper utensil scrap, copper wire scrap and electrolytic copper strip 25mm showed a down trend on the Scrap Register Price Index as on Monday.

The most active June copper contract on the India's Multi Commodity Exchange settled lower by 0.13 percent to Rs. 373.30 per kilogram on Monday from previous close of Rs. 373.80 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 371.95 per kilogram and an intra-day low of Rs. 366.65 per kilogram during Monday.

New orders for key U.S.-made capital goods fell unexpectedly in May and shipments also declined, suggesting a loss of momentum in the manufacturing sector halfway through the second quarter. Profits earned by China's industrial firms in May rose 16.7 percent from a year earlier, the statistics bureau said, quickening from the previous month.