Indian major Copper Scrap prices decline in line with MCX Copper

INDIA January 05 2016 11:34 AM

MUMBAI (Scrap Register): India major copper scrap commodities prices declined on Monday in line with copper futures prices at India's Multi Commodity Exchange, after poor factory growth figures from China in December triggered a stock market rout and worsened the outlook for the red metals.

The major copper scrap commodities traded down on Scrap Register Price Index as on Monday. India's major copper scrap commodities like Copper armature, Copper cable scrap, Copper Mixed Scrap, Copper Pat, Copper Super D.Rod and Copper Wire Scrap traded down on Monday.

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However, the most active February copper contract on Multi Commodity Exchange settled down by 1.8% to Rs. 309.80 per kilogram on Monday from previous close of Rs. 316.30 per kilogram. The MCX copper prices touched an intra-day high of Rs. 315.70 per kilogram and an intra-day low of Rs. 308.05 per kilogram during Monday.

Copper traders view Chinese factory activity as an indicator of the nation's copper demand, as the red metal is widely used by the sector. 

The Caixin manufacturing PMI for December released earlier slipped to 48.2 from 48.6 in November, contracting for a tenth month and coming in below expectations for 49.0.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)