Indian Copper Scrap prices down; Glencore lifts MCX Copper

INDIA September 08 2015 11:45 AM

MUMBAI (Scrap Register): India major copper scrap commodities prices dropped on Monday, while copper futures prices at India's Multi Commodity Exchange settled up, after world's largest commodities trading company, Glencore, revealed plans to suspend some of its copper operations, pulling 400,000 tons of the red metal off the market in a debt-cutting exercise.

The major copper scrap commodities traded down on Scrap Register Price Index as on Monday. India's major copper scrap commodities like copper mixed scrap, copper pat, copper super d.rod, copper wire scrap on Monday.

However, the most active November copper contract on Multi Commodity Exchange settled down by 1.10% to Rs. 351.350 per kilogram on Monday from previous close of Rs. 347.50 per kilogram. The MXC copper prices touched an intra-day high of Rs. 354.50 per kilogram and an intra-day low of Rs. 348.10 per kilogram during Monday.

Glencore's cut to its production follows the announcement from U.S. miner Freeport-McMoran at the end of last month that it plans on suspending some of its copper operations, which players now say could point to the bottom of the commodities cycle that has seen prices hit multi-year and historic lows this year. 

Glencore said it would suspend production at its copper operations in the Democratic Republic of Congo and Zambia, adding that suspending production for 18 months would remove about 400,000 tons of copper off the market. 

Meanwhile China on Monday lowered its GDP growth figure for last year by 0.1 percentage points to 7.3 per cent, official figures showed, as concerns mount over slowing growth in the world's second-largest economy. The National Bureau of Statistics said on its website it lowered the figure from the 7.4 per cent announced in January after a “preliminary confirmation”.