Indian Major Copper Scrap prices decline in line with Copper Futures

INDIA January 14 2016 3:40 PM     

MUMBAI (Scrap Register): India  major copper scrap commodities prices declined on Wednesday in line with copper  futures prices at India's Multi Commodity Exchange.

The major copper  scrap commodities traded down on Scrap Register Price Index as on Wednesday.  India's major copper scrap commodities like ACR Copper Coil 3/8, copper  armature, copper heavy scrap, copper mixed scrap, copper pat, copper wire scrap,  copper utensil scrap, copper wire bars and electrolytic copper strip 25mm traded  down on Wednesday.

However, the most active February copper  contract on Multi Commodity Exchange settled slightly lower by 0.28% to Rs.  291.90 per kilogram on Wednesday from previous close of Rs. 292.70 per kilogram.  The MCX copper prices touched an intra-day high of Rs. 295.30 per kilogram and  an intra-day low of Rs. 291.50 per kilogram during Wednesday.

Copper  futures prices at India's Multi Commodity Exchange settled lower on Wednesday  tracking weakness from LME copper which fell to its lowest since May 2009 on  widening concerns that a slide in oil prices could derail a global economic  recovery, compounding worries about China's waning growth in demand for  commodities.

Copper on the London Metal Exchange fell 0.8 percent to  $4,355 a tonne erasing the same gain on Wednesday. Prices earlier sank to  $4,330, having already shed more than 7 percent this year.