Rising Copper Prices in February Led to Sufficient Copper Scrap Supply

SHANGHAI, Mar 3 (SMM) - After the Lantern Festival, the cooper scrap market ushered in a full resumption period. In January, due to weak terminal consumption, most copper scrap suppliers took Chinese New Year (CNY) holidays ahead of schedule and restocked to a certain degree. After the CNY holiday, copper scrap suppliers were active in shipping in light of the high copper prices, which led to an increase in copper scrap supply. On the demand side, even with rising weekly operating rate, secondary copper rod plants’ marginal demand for copper scrap did not increase significantly as they mainly consumed their own stocks due to poor orders from small and medium-sized wire and cable factories and high in-plant raw material inventory.