India Copper Scrap prices climb; Copper Futures drop one percent

INDIA December 30 2016 10:39 AM

MUMBAI (Scrap Register): India major copper scrap prices climbed on Thursday, while copper futures prices at India's Multi Commodity Exchange dropped more than one percent as markets fretted about the higher dollar and the potential for a liquidity crunch in top consumer China.

The major copper scrap commodities like acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper heavy scrap, copper shell 40mm, copper utensil scrap and electrolytic copper strip 25mm showed an up trend on Thursday.

The most active February copper contract on the India's Multi Commodity Exchange closed down by 1.02 percent to Rs. 374.40 per kilogram on Thursday from previous close of Rs. 378.25 per kilogram. Copper futures at MCX touched and intra-day high of Rs. 380.50 per kilogram and an intra-day low of Rs. 378.10 per kilogram during Thursday. 

Sentiments also dropped as China’s demand for the metal is expected to slow down in the course of 2017, as Beijing takes steps to dampen the country’s property market because the measures will have knock-on effects on the growth in sales of household appliances and automatic vehicles.

But copper is on course for a gain of about 17 percent this year, which would be the first annual rise since 2012, mainly owing to better than expected demand in China and hopes of rising demand resulting from U.S. spending on infrastructure.