UNITED STATES May 05 2015 4:29 PM
NEW YORK (Scrap Register): United States major copper scrap commodities prices advanced on Monday; while copper future at New York Mercantile Exchange traded down.
As per Scrap Register Price Index, major copper scrap commodities like #1 Ins Wire (Cu 58-62%), #2 Ins Wire (Cu 88-92%), Bare Bright (Cu >99%), Enameled Copper Wire, No. 1 Copper (Cu 94-96%), No. 2 Copper (Cu 94-96%) and No. 3 Copper (Cu 94-96%) showed a positive trend on Monday.
However, the most active May copper contract on the COMEX division of the New York Mercantile Exchange was last trade slightly down by down 140 points at 291.75 cents on Monday.
Copper futures price dropped after data showed that China's factories suffered their fastest drop in activity in a year last month, adding to concerns over a slowdown in the world's second-largest economy.
China's HSBC final manufacturing purchasing managers' index slipped to 48.9 in April, down from a preliminary reading of 49.2 and compared to 49.6 in the previous month. The dismal data reinforced expectations that policy-makers in Beijing will have to introduce further stimulus measures to jump-start the economy amid lacklustre growth.
Euro zone manufacturing growth eased in April but factories raised prices for the first time in eight months, according to a survey that also showed headcount rose at the fastest pace in nearly four years.
Since November, the People's Bank of China has introduced a series of stimulus measures, including lowering interest rates twice and cutting the reserve requirement ratios of major banks twice, in order to spur economic activity and boost growth.