UNITED STATES September 15 2015 3:35 PM
NEW YORK (Scrap Register): United States major brass and copper scrap commodities prices declined on Monday in line with copper futures prices at New York Mercantile Exchange after weak Chinese industrial production and fixed asset investment increased concerns over an economic slowdown in the world’s largest consumer.
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%), copper scrap, enameled copper wire, no. 1 copper (cu 96-98%), no. 2 copper (cu 94-96%), no. 3 copper (cu 88-90%), transformer winding (85%) traded down on Monday.
As per Scrap Register Price Index, major copper scrap commodities like brass radiator, iron brass radiator, mix red brass, mix yellow brass borings, yellow brass also traded down on Monday.
The most active Copper contract for September delivery on the Comex division of the New York Mercantile settled down by 485 points to 240.50 cents on Wednesday.
China’s economic growth remains stuck below the government’s target of about 7 percent this year. Bloomberg’s monthly gross domestic product tracker was at 6.64 percent last month, barely changed from July.
Industrial output released Sunday missed economists’ forecasts, while investment in the first eight months increased at the slowest pace since 2000. The Shanghai Composite Index of shares closed 2.7 percent lower, having fallen as much as 4.7 percent.