India major Copper scrap prices advance in line with MCX Copper

INDIA December 10 2015 10:02 AM

MUMBAI (Scrap Register): India major copper scrap commodities prices advanced on Wednesday, while copper futures prices at India's Multi Commodity Exchange settled up, after data showed that Chinese consumer price inflation rose last month, indicating that Beijing’s effort to bolster growth in the world’s second-largest economy may be starting to take effect.

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 up on Wednesday.

However, the most active February copper contract on Multi Commodity Exchange settled up by 0.73% to Rs. 310.95 per kilogram on Wednesday from previous close of Rs. 308.70 per kilogram. The MCX copper prices touched an intra-day high of Rs. 314.30 per kilogram and an intra-day low of Rs. 309.40 per kilogram during Wednesday.

The National Bureau of Statistics reported that China’s consumer price index rose 1.5% in November from a year earlier, slightly better than economists’ forecast for an increase of 1.4% after a 1.3% rise in October. 

China’s producer price index fell 5.9% on a year-over-year basis, matching October’s decline, the agency said. It was the 45th consecutive month of declining producer prices, amid weak demand and falling global commodity prices.