Indian major Copper Scrap prices drop; MCX Copper settles slightly higher

INDIA January 11 2016 2:01 PM

MUMBAI (Scrap Register): India major copper scrap commodities prices dropped on Friday, while copper futures prices at India's Multi Commodity Exchange settled higher as some buying was witnessed despite of weakness in LME prices on mounting worries about growth and demand over coming weeks in top consumer China.

The major copper scrap commodities traded up on Scrap Register Price Index as on Friday. India's major copper scrap commodities like ACR copper coil 3/8, CC Rod LME ++, copper armature, copper cable scrap, copper cathod LME ++, copper shell 40mm and electrolytic copper strip 25mm traded down on Friday.

However, the most active February copper contract on Multi Commodity Exchange settled slightly higher by 0.2% to Rs. 301.40 per kilogram on Friday from previous close of Rs. 300.80 per kilogram. The MCX copper prices touched an intra-day high of Rs. 305.30 per kilogram and an intra-day low of Rs. 300.25 per kilogram during Friday.

Worries about economic growth in China have led to a turbulent start on equity and currency markets this year. A report saying that China's state stockpiling agency bought 150,000 tonnes of refined copper cathode through a closed-door tender on Friday briefly helped prices. But traders said China's State Reserves Bureau would have to buy a lot more to reverse the downtrend.