India major Copper scrap prices drop in line with Copper Futures

INDIA December 18 2015 11:45 AM

MUMBAI (Scrap Register): India major copper scrap commodities prices dropped on Thursday in line with copper futures prices at India's Multi Commodity Exchange after the Federal Reserve's first rate hike in almost a decade pushed up the dollar, dampening demand for raw materials.

The major copper scrap commodities traded up on Scrap Register Price Index as on Thursday. India's major copper scrap commodities like ACR Copper Coil 3/8, CC Rod LME ++, Copper armature, Copper cable scrap, Copper cathod LME ++, Copper Mixed Scrap, Copper Pat, Copper Super D.Rod and Copper Wire Scrap traded down on Thursday.

However, the most active February copper contract on Multi Commodity Exchange settled down by Rs. 5.50 to Rs. 304.55 per kilogram on Thursday from previous close of Rs. 310.05 per kilogram. The MCX copper prices touched an intra-day high of Rs. 308.75 per kilogram and an intra-day low of Rs. 302.75 per kilogram during Thursday.

China's economy was plagued by pervasive weakness in the fourth quarter, results from a private survey of Chinese firms showed, raising questions about the veracity of stronger than expected official activity data released this month. 

CRU sees copper prices averaging around $4,600 next year from around $5,400 a ton this year, with the trough most likely to occur in the second quarter.