SMM Weekly Review on Scrap Copper Imports (Jul. 18-July 22)

SHANGHAI, Jul. 26 (SMM) –Last week, LME copper prices remained strong, with prices fluctuating in the USD 9,600-9,900/mt band. Downstream producer's buying interest reduced after copper prices increased further, and purchases were generally made on an as-needed basis. Given weak demand, price gains in SHFE copper prices were slower than LME copper price gains. The mainstream traded prices of scrap copper over the past week were between RMB 62,300-63,300/mt, and losses increased to above RMB 2,200/mt. Overseas scrap copper suppliers showed strong willingness to move goods at high prices, and voluntarily quoted prices. As a result, discounts increased slightly compared with the previous week, helping increase importer's interest in replenishing some stocks.