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Indian Brass, Copper Scrap prices advance further in line with Copper Futures
Date: 03/07/2017

India's major brass and copper scrap prices advanced further on the Scrap Register Price Index as on Thursday tracking the firmness in copper futures prices at India's Multi Commodity Exchange mainly due to boosted by a lower US dollar, expectations of stronger demand from top consumer China, falling stocks and a break of a major technical level. India's major brass and copper scrap commodities like brass accessories, brass huny scrap, brass sheet cuttings, brass utensil scrap, copper heavy scrap, copper mixed scrap, copper pat, copper super d.rod, copper utensil scrap and copper wire scrap advanced on the Scrap Register Price Index as on Thursday. The most active June copper contract on the India's Multi Commodity Exchange settled higher by 1.33 percent to Rs. 383.85 per kilogram on Thursday from previous close of Rs. 378.80 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 384.80 per kilogram and an intra-day low of Rs. 380.00 per kilogram during Thursday. A lower US currency makes dollar-denominated industrial metals cheaper for non-US firms, which could potentially boost demand. China accounts for nearly half of global copper demand, estimated at about 23 million tonnes this year. Its power consumption rose 6.0 per cent in April from a year earlier.

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