INDIA June 12 2017 4:25 PM
NEW DELHI (Scrap Register): India's major copper scrap prices gained on the Scrap Register Price Index as on Friday in line with copper futures prices at India's Multi Commodity Exchange led by the concerns over supply from Chile, recent data pointing to robust import demand in China and falling stocks of the metal.
India's major copper scrap commodities like acr copper coil 3/8, cc rod lme ++, copper armature, copper cable scrap, copper cathod lme ++, copper shell 40mm and electrolytic copper strip 25mm showed an up trend on the Scrap Register Prices Index as on Friday.
The most active June copper contract on the India's Multi Commodity Exchange edged up by 1.70 percent to Rs. 377.15 per kilogram on Friday from previous close of Rs. 370.85 per kilogram. Copper Futures at MCX touched an intra-day high of Rs. 377.40 per kilogram and an intra-day low of Rs. 369.40 per kilogram during Friday.
China reported stronger-than-anticipated exports and imports for May, despite falling commodity prices, indicating the economy is holding up better than expected despite rising lending rates and a cooling property market.
Copper mines in global major copper producing regions Chile and Indonesia have suffered continuous strikes since the beginning of 2017, raising market concerns on copper supply.