INDIA January 06 2017 3:27 PM
MUMBAI (Scrap Register): Major copper scrap prices of India gained on Thursday, while copper futures prices at India's Multi Commodity Exchange settled down as investors cut bets on higher prices, although expectations of robust growth in China supported optimism about demand.
India's major brass and 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, lectrolytic copper strip 25mm and brass shell 40mm traded higher on Thursday.
The most active February copper contract on the India's Multi Commodity Exchange settled lower by 0.94% to Rs. 380.45 per kilogram on Tuesday from previous close of Rs. 384.05 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 388 per kilogram and an intra-day low of Rs. 379.50 per kilogram during Thursday.
Possible strike action in February at BHP Billiton's Escondida copper mine in Chile was also on the radar for traders.
Investors turned cautious after prices of the metal used in power and construction stalled having gained 2.6 percent in the previous session, reaching their highest since Dec 16.