India Copper Scrap prices remain flat; Copper Futures down 2.51 percent

MUMBAI (Scrap Register): India's major copper scrap prices showed a flat trend on Friday, while copper futures prices at India's Multi Commodity Exchange dropped as BHP Billiton’s Escondida mine in Chile, has resumed work as the company has requested government mediation to avoid a looming strike.
India major copper scrap prices like ACR copper coil 3/8, copper armature, copper cable scrap, copper heavy scrap, copper mixed scrap, copper pat, copper sheet cutting, copper shell 40mm, copper super d.rod, copper utensil scrap, copper wire bars, copper wire scrap and electrolytic copper strip 25mm showed a flat trend during Friday.
The most active February copper contract on the India's Multi Commodity Exchange declined by 2.51 percent to Rs. 387.75 per kilogram on Friday from previous close of Rs. 397.75 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 396 per kilogram and an intra-day low of Rs. 387 per kilogram during Friday.
China's central bank surprised financial markets by raising short-term interest rates on the first day back from a long holiday, in a further sign of a tightening policy bias as the economy shows signs of steadying. Data showing China's factory activity expanded for the seventh straight month in January, though the rate of growth slowed from December, a private survey showed.