MUMBAI (Scrap Register): India major copper scrap prices dropped on Friday, while copper futures prices at India's Multi Commodity Exchange advanced as the dollar slipped, but gains were capped by weak investment and industrial production data from top consumer China fueling worries about demand.
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India major copper mixed scrap, copper heavy scrap, copper mixed scrap, copper pat, copper super d.rod, copper utensil scrap and copper wire scrap showed down trend on Friday.
The most active February copper contract on the India's Multi Commodity Exchange gained by 0.484% to Rs. 394.75 per kilogram on Friday from previous close of Rs. 392.85 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 397.50 per kilogram and an intra-day low of Rs. 389.75 per kilogram during Friday.
China's gross domestic product expanded 6.8 percent in the fourth quarter, outpacing market forecast of 6.7 percent, supported by higher government spending and record bank lending. Expectations that China will continue to spur economic activity this year should boost demand in the world's top copper consumer and sustain the market's upbeat outlook for copper.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
