INDIA December 29 2016 12:22 PM
MUMBAI (Scrap Register): India's major copper scrap prices advanced on Wednesday, while copper futures prices at India's Multi Commodity Exchange settled slightly down as investors fretted about demand growth in China and took profits ahead of the New Year.
The major copper scrap commodities like cc rod lme ++, copper cable scrap, copper cathod lme ++, copper heavy scrap and copper utensil scrap traded higher on Wednesday.
The most active February copper contract on the India's Multi Commodity Exchange settled slightly lower by 0.198% to Rs. 378.25 per kilogram on Wednesday from previous close of Rs. 379 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 382.30 per kilogram and an intra-day low of Rs. 375.50 per kilogram during Wednesday.
There are concerns about China's property market, pointing to moves to limit property speculation in 2017 and a likely drop-off in government efforts to boost demand. Still, copper, which is widely used in power and construction, is up around 16 percent this year and on track for its largest annual rise since 2010.