Indian major Copper Scrap prices drop; MCX Copper settles lower

INDIA January 13 2016 10:42 AM

MUMBAI (Scrap Register): India major copper scrap commodities prices dropped on Tuesday in line with copper futures prices at India's Multi Commodity Exchange as London copper dropped near to six-year lows as recent onslaught of selling was expected to resume given struggling demand-growth in the world's top user of metals.

The major copper scrap commodities traded down 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 Monday.

ACR Copper Coil 3/8, CC Rod LME ++, copper armature, copper cable scrap, copper cathod LME ++, copper mixed scrap, copper pat, copper shell 40mm, copper Super D.Rod, copper wire scrap and electrolytic copper strip 25mm.

However, the most active February copper contract on Multi Commodity Exchange settled down by 0.38% to Rs. 292.70 per kilogram on Tuesday from previous close of Rs. 293.80 per kilogram. The MCX copper prices touched an intra-day high of Rs. 295.55 per kilogram and an intra-day low of Rs. 291.85 per kilogram during Tuesday.

Base metals have been hit by relentless selling pressure on fears over economic and demand growth prospects in top consumer China. Benchmark LME copper hit another multi-year low, ending down 0.7 percent at $4,355 a tonne, its weakest since May 2009. 

Copper briefly moved into positive territory during the session as some investors bought back short positions to lock in profits, traders said, but those gains evaporated as other speculators resumed the selling.