United States major copper scrap commodities prices advanced on Monday, while copper futures prices at New York Mercantile Exchange declined as still sentiments remain weak on lingering worries over China's economy ahead of fresh factory data later in the week, but is set for a small monthly gain as a lull in demand over the summer petered out.
As per Scrap Register Price Index, major copper scrap commodities like #1 ins wire (cu 88-92%), #2 ins wire (cu 58-62%), bare bright (cu >99%), electric motors, enameled copper wire, no. 1 copper (cu 96-98%), no. 2 copper (cu 94-96%), no. 3 copper (cu 88-90%), sealed unit, starter and transformer winding (85%) advanced on Monday.
However, the most active Copper contract for December delivery on the Comex division of the New York Mercantile settled down by 90 points at 233.70 cents on Monday.
China accounts for about 40% of global copper demand, and fears that it would reduce its purchases have pushed copper prices to six-year lows in recent weeks.
However, in recent trading sessions, copper prices had shot higher as some bearish traders moved to close out bets on lower copper prices. Investors have been net-bearish on copper for 12 straight weeks, according to weekly data from the CFTC released on Friday.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
No comments:
Post a Comment