UNITED STATES May 06 2015 2:40 PM
NEW YORK (Scrap Register): United States major copper scrap commodities prices remained stable on Tuesday; while copper future at New York Mercantile Exchange traded up after miner Glencore has reported a drop in production.
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 almost a flat trend on Tuesday.
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However, the most active May copper contract on the COMEX division of the New York Mercantile Exchange was last trade slightly up 115 points at 293.60 cents on Tuesday.
Glencore Plc, the mining and commodities company led by billionaire Ivan Glasenberg, reported a 9 percent decline in copper production after ore grades fell and a Chilean mine shut for maintenance.
Output of copper from mines in Africa, Australia and South America was 350,700 metric tons in the first quarter, the Baar, Switzerland-based company said Tuesday in a statement. That compared with 385,600 tons a year earlier.
A widening U.S. trade deficit may help breathe new life into commodities prices because it will temper any drive by the Federal Reserve to raise interest rates soon, keeping pressure on the dollar.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)