Major Chinese copper scrap commodities traded down on Thursday, while the future prices at Shanghai Metal Exchange edged up to RMB 43,820 a ton on weak dollar.
The prices for major copper scrap commodities including Bare Bright (Cu >99%), No. 1 Copper (Cu 96-98%) and No. 2 Copper (Cu 94-96%) traded down on Scrap Register Price Index as on Thursday.
According to the Scrap Register Price Index, Bare Bright (Cu >99%) scrap prices traded down at CNY 39,550 and No. 1 Copper (Cu 96-98%) at CNY 38,950 a metric ton.
Base metals on the Shanghai Futures Exchange ended Thursday mostly lower. The most active May copper contract on Shanghai Futures Exchange settled slightly up by 0.35% to RMB 43,820 a ton on Thursday.
However, LME copper hit the highest in more than two months on Tuesday, as a weaker dollar fueled chart-based buying, before giving back most of its gains after a weak reading on factory health in top consumer China.
Activity
in China's factory sector dipped to an 11-month low in March as new
orders shrank, a private survey showed, signaling persistent weakness
that will likely add to calls for more policy easing.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
(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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