INDIA December 11 2015 3:30 PM
MUMBAI (Scrap Register): India major copper scrap commodities prices declined on Thursday in line with copper futures prices at India's Multi Commodity Exchange as investors positioned for a looming US rate hike.
The major copper scrap commodities traded up on Scrap Register Price Index as on Wednesday. India's major copper scrap commodities like ACR Copper Coil 3/8, CC Rod LME ++, Copper cable scrap, Copper cathod LME ++, Copper shell 40mm and Electrolytic Copper strip 25mm traded down on Thursday.
However, the most active February copper contract on Multi Commodity Exchange settled slightly down by 0.18% to Rs. 310.40 per kilogram on Thursday from previous close of Rs. 310.95 per kilogram. The MCX copper prices touched an intra-day high of Rs. 311.40 per kilogram and an intra-day low of Rs. 308.40 per kilogram during Thursday.
While slowly outlook improving as some bearish traders left the market after a major US copper producer cut supply. Copper prices may see support after the update that mining giant Glencore announced wider spending cuts as the commodities group races to cut debt and shore up its balance sheet.