SHANGHAI (Scrap Register): Chinese copper scrap prices rose on Scrap Register Price Index as on Monday, while copper futures prices at Shanghai Futures Exchange settled higher as some traders shed commodities amid an early rout in crude oil prices while others cut back holdings ahead of the Federal Reserve’s policy meeting.
According to the Scrap Register Price Index, the major Chinese copper scrap commodities like bare bright (cu >99%), copper scrap, no. 1 copper (cu 96-98%) and no. 2 copper (cu 94-96%) remained flat on Monday.
However, the most active 1602 copper contract on the Shanghai Futures Exchange settled up by nearly 1.9% to 36,060 yuan per ton on Monday from the previous close of 35,400 yuan per ton. The SHFE copper prices touched an intra-day high of 36,350 yuan per ton and an intra-day low of 35,730 yuan per ton during Monday.
In China, the yuan hit a 4-1/2-year low after the central bank again lowered the yuan midpoint rate, weighing on emerging markets and Asian equities.
On the plus-side, data at the weekend showed China's factory output growth reached a five-month high in November, signalling that a flurry of stimulus measures from Beijing may have put a floor under the economy.