UNITED STATES May 07 2015 3:45 PM
NEW YORK (Scrap Register): United States major copper scrap commodities prices showed a steady trend on Wednesday, 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 88-92%), ins wire (cu 58-62%), al/cu radiator ends, alternator, bare bright (cu >99%), copper scrap, cu transformer large, cu transformer small, 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, transformer winding (85%) showed a steady trend on Wednesday.
However, the most active May copper contract on the COMEX division of the New York Mercantile Exchange last traded down 75 points to 293.25 cents on Wednesday.
Copper futures prices where expected to trade lower as weak U.S. data revived concerns about global economic growth, although expectations of easier policy in China and the United States cushioned losses.
While European lenders dashed Greece's hopes for a quick cash-for-reforms deal in the coming days ahead of a major debt payment next week, pushing up euro zone debt yields and supporting the euro at a two-month peak versus the dollar.
However, a cheaper dollar boosts buying power of those holding other currencies. Copper prices have been well-supported in recent weeks amid mounting speculation policy-makers in China will have to introduce further stimulus measures to jump-start the economy amid lacklustre growth.
(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)