By Vibin Antony
India copper scrap prices declined on Thursday, while red metal futures prices at India's Multi Commodity Exchange settled higher at Rs. 376.95 per kilogram.
As per Scrap Register Price Index, Indian copper utensils scrap prices declined by Rs. 5,000 per ton to Rs. 400,000 per ton. Copper cable scrap, copper scrap heavy and copper wire bar also dropped by Rs. 2, 000 per ton to Rs. 441,000 per ton, Rs. 435,000 per ton and Rs. 461, 000 per ton respectively.
Other copper scrap commodities like copper armature, copper mixed scrap, copper pat, copper sheet cutting, copper super d. rod, copper wire scrap also declined to Rs. 426, 000 per ton, Rs. 397, 000 per ton, Rs. 412, 000 per ton, Rs. 422, 000 per ton, Rs. 447, 000 per ton, Rs. 417, 000 per ton respectively.
However, the most active April copper contract on Multi Commodity Exchange settled up by 1.34% to Rs. 376.95 per kilogram from previous close of Rs. 371.95 per kilogram. The MXC copper prices touched an intra-day high of Rs 378 per kilogram and an intra-day low of Rs 370.25 per kilogram.
Indian Copper futures settled higher on Thursday mainly due to the increasing US housing data signalled a pick-up in the world’s biggest economy, lifting the demand outlook for the metal. Though, subdued demand at spot market capped some gains in futures.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
India copper scrap prices declined on Thursday, while red metal futures prices at India's Multi Commodity Exchange settled higher at Rs. 376.95 per kilogram.
As per Scrap Register Price Index, Indian copper utensils scrap prices declined by Rs. 5,000 per ton to Rs. 400,000 per ton. Copper cable scrap, copper scrap heavy and copper wire bar also dropped by Rs. 2, 000 per ton to Rs. 441,000 per ton, Rs. 435,000 per ton and Rs. 461, 000 per ton respectively.
Other copper scrap commodities like copper armature, copper mixed scrap, copper pat, copper sheet cutting, copper super d. rod, copper wire scrap also declined to Rs. 426, 000 per ton, Rs. 397, 000 per ton, Rs. 412, 000 per ton, Rs. 422, 000 per ton, Rs. 447, 000 per ton, Rs. 417, 000 per ton respectively.
However, the most active April copper contract on Multi Commodity Exchange settled up by 1.34% to Rs. 376.95 per kilogram from previous close of Rs. 371.95 per kilogram. The MXC copper prices touched an intra-day high of Rs 378 per kilogram and an intra-day low of Rs 370.25 per kilogram.
Indian Copper futures settled higher on Thursday mainly due to the increasing US housing data signalled a pick-up in the world’s biggest economy, lifting the demand outlook for the metal. Though, subdued demand at spot market capped some gains in futures.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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