Indian Copper Scrap prices show negative trend; MCX Copper up to Rs 416.45/Kg

INDIA May 08 2015 10:28 AM

MUMBAI (Scrap Register): India major copper scrap commodities prices declined on Thursday, while copper futures prices at India's Multi Commodity Exchange traded up.

The major copper scrap commodities prices showed a negative trend on Scrap Register Price Index. India's major copper scrap commodities like copper mixed scrap, copper pat, copper sheet cutting, copper super d. rod, copper utensil scrap, copper wire bars, copper wire scrap traded down on Thursday.

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However, the most active June copper contract on Multi Commodity Exchange settled up by 0.36% to Rs. 416.45 per kilogram on Thursday from previous close of Rs. 414.95 per kilogram.

The MXC copper prices touched an intra-day high of Rs. 420.50 per kilogram and an intra-day low of Rs. 413.00 per kilogram during Thursday.

Copper futures prices at India's Multi Commodity Exchange advanced mainly due to the expectations of further stimulus to boost economic growth in top consumer China, but gains were capped by equity market losses and a stronger dollar.

Copper prices at London Metal Exchange also advanced on Thursday. LME Three-month copper slightly up 0.57% at $6,437 a ton on Thursday from Wednesday's close of $6400.50.

The metal used in the construction and power industries hit $6,481 a ton earlier in the week, its highest since December 15.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)