INDIA September 07 2015 3:28 PM
MUMBAI (Scrap Register): India major copper scrap commodities prices advanced on Friday, while copper futures prices at India's Multi Commodity Exchange settled down mainly due to the prospects of an increase in US interest rates.
The major copper scrap commodities prices showed a positive trend on Scrap Register Price Index as on Friday. India's major copper scrap commodities like copper mixed scrap, copper pat, copper super d. rod, copper wire scrap advanced on Monday.
However, the most active November copper contract on Multi Commodity Exchange settled down by 1.45% to Rs. 347.50 per kilogram on Friday from previous close of Rs. 352.60 per kilogram. The MXC copper prices touched an intra-day high of Rs. 353.40 per kilogram and an intra-day low of Rs. 345.80 per kilogram during Friday.
Data showed U.S. job growth slowed in August, though a fall in the unemployment rate to a near 7-1/2 year low kept alive prospects of a Federal Reserve rate rise later this month. The economy generated only 173,000 jobs last month, but the unemployment rate dipped to 5.1 percent. Hourly wages were up 2.2 percent from a year ago.
The weaker than expected growth in U.S. employment has investors wondering what the Federal Reserve will do with interest rates when it holds its policy meeting later this month. The outlook for the Fed is keeping a bit of pressure on the market.
The Chinese stock market, which reopens on Monday after a two-day holiday, has taken a battering on recent economic signals. Data in coming weeks is expected to point to further weakness in the economy of the world's biggest metals consumer.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)