Indian major Copper Scrap prices rise in line with MCX Copper

INDIA December 31 2015 11:30 AM

MUMBAI (Scrap Register): India major copper scrap commodities prices rose on Wednesday in line with copper futures prices at India's Multi Commodity Exchange. Copper settled slightly up at their highest level in nearly seven weeks on Wednesday, as traders rushed to take profits on bets against the metal before the end of the year.

The major copper scrap commodities traded up on Scrap Register Price Index as on Monday. India's major copper scrap commodities like Copper armature, Copper cable scrap, Copper Mixed Scrap, Copper Pat, Copper Super D.Rod and Copper Wire Scrap traded down on Wednesday.

However, the most active February copper contract on Multi Commodity Exchange settled slightly up by 0.55% to Rs. 318.400 per kilogram on Wednesday from previous close of Rs. 316.65 per kilogram. The MCX copper prices touched an intra-day high of Rs. 318.85 per kilogram and an intra-day low of Rs. 315.20 per kilogram during Wednesday.

Support also seen on speculation that production cuts in China will help reduce a supply glut. Nine of the biggest copper producers have agreed to cut sales by 200,000 metric tons in the first three months of 2016, people with knowledge of the matter said Tuesday.