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India major Copper Scrap prices gain; MCX Copper settles lower on investors worries

iconMar 2, 2016 08:49
Source:SMM
Major Indian copper scrap prices gained on Monday, while copper prices at India's Multi Commodity Exchange settled slightly lower as investors worried about a renewed slide in Chinese stocks.

INDIA March 01 2016 4:13 PM

MUMBAI (Scrap Register): Major Indian copper scrap prices gained on Monday, while copper prices at India's Multi Commodity Exchange settled slightly lower as investors worried about a renewed slide in Chinese stocks.

The major copper scrap commodities prices advanced on the Scrap Register Price Index as on Monday. The copper scrap commodities like ACR copper coil 3/8, copper armature, copper cable scrap, copper mixed scrap, copper pat, copper shell 40mm, copper super D.rod, copper wire scrap, electrolytic copper strip 25mm traded up on Monday.

However, the most active April copper contract on the India's Multi Commodity Exchange settled lower by 0.6% to Rs. 325.10 per kilogram on Monday from previous close of Rs. 327.05 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 326.50 per kilogram and an intra-day low of Rs. 322 per kilogram during Monday. 

Copper prices were dampened by a retreat by Chinese equities, with sentiment also hit by this weekend's failure of the G20 group of leading economies to come up with concrete measures to boost growth. 

Investors welcomed the move by China's central bank to reduce the amount of cash that banks must hold as reserves for the fifth time since February last year.


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