SHANGHAI, Aug. 15 (SMM) –Based on an SMM survey, scrap copper inventories fluctuated at low levels last week, maintaining the turnover period for about two days.

Last week, scrap copper prices declined relatively slower than refined copper prices, narrowing the price gap between the two to RMB 500/mt. Although copper price declines stimulated copper enterprise interest in purchasing to some extent, the narrowed price gap weakened enterprise demand for scrap copper. Based on SMM sources, after the copper price declines, scrap copper importers increased imports of high-quality scrap copper, which, however, were already ordered by copper smelters or would arrive in one or two month, resulting in an unchanged turnover period compared with the prior week.