SHANGHAI, Feb 17 (SMM) - From January 30 to February 5, the copper scrap throughput of East China Nonferrous Metals Market was about 27,900 mt, and that from February 6 to February 12 stood at 27,900 mt. According to the SMM data, from January 30 to February 3, the weekly average price of #1 copper cathode was 69,250 yuan/mt that of bare bright copper in East China Metal Market stood at 62,990 yuan/mt, and that of packed copper wire scrap was 63,340 yuan/mt. From February 6 to February 10, the weekly average price of #1 copper cathode was 68,143 yuan/mt, down 1.6% WoW; the weekly average price of bare bright copper in East China Nonferrous Metal Market was 62,680 yuan/mt, down 0.49% WoW; The weekly average price of packed copper wire scrap stood at 63,040 yuan/mt, down 0.47% on the week.
According to SMM research, transactions at the East China Nonferrous Metal Market are usually resumed around the Lantern Festival. But in 2023, the market trading resumed earlier, mainly because copper prices slumped post the Chinese New Year (CNY), which attracted purchases from secondary copper rod enterprises. In addition, both bulk holders and large suppliers of copper scrap hoarded a large amount of goods when the copper price was low before the CNY. Therefore, the supply of scrap post CNY was ample, and some scrap users restocked amid worries about the shortage of copper scrap.
From February 6 to February 12, with the end of the CNY holiday, more and more secondary copper rod companies resumed production, and purchases of scrap also increased. Besides, the high copper prices post CNY highlighted the cost efficiency of copper scrap. And the suppliers were more willing to ship their goods, pushing up the scrap throughput in Linyi Metal Market.
At present, the booming demand for secondary copper rods boosts the copper scrap demand. However, the falling copper prices post CNY may curb the scrap suppliers from selling goods. On the whole, the downstream companies are still replenishing goods when the scrap supply is relatively sufficient. Scrap suppliers in Linyi Metal Market ship goods normally on the high copper prices. It is expected that the throughput of copper scrap in East China Nonferrous Metal Market will continue to rise this week.
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