scrap copper was quoted on scrap-ex between £4700 and £5350. Elsewhere Lead scrap was also up trading bewtween £1100 and £1450 with batteries back as high as £625 a tonne.
On the LME copper was up nearly 1% on the day. scrap-ex news has been told that the main focus of traders has again been China where the fifth rate rise since mid- October was announced amid signs growth is slowing in Asia’s largest economy. The ECB will likely lift rates today with the Euro tading at a near one week low versus the dollar.
“We’ve seen a marked cooling in China’s growth recently and the next reading on inflation should mark a peak,” said Nader Naeimi, a Sydney-based strategist for AMP Capital Investors Ltd., which has almost $100 billion under management globally. “That suggests that we’re coming close to the end of China’s tightening cycle, and this should be positive for global growth, earnings and investor sentiment.”
“China needs to make sure that the economy is stabilizing,” said Agnes Wong, Singapore-based Asia Pacific credit strategist at Royal Bank of Scotland Group Plc. “One or two rate hikes is still possible in the second half, but I don’t expect they will be very harsh.”