SMM Weekly Review on Scrap Copper Consumption (Aug. 8-12)

SHANGHAI, Aug. 16 (SMM) –Last week, the price gap between refined and scrap copper further reduced within RMB 500/mt. Early the week, the low-end LME copper prices fell to USD 8,446/mt, but then fluctuated around USD 8,800/mt. Following LME copper price trends, domestic refined copper prices slumped, and average   traded prices returned to RMB 66,790/mt, a drop of RMB 4,580/mt from the prior week. In comparison, scrap copper prices held firm, and the mainstream offers were between RMB 60,300-60,500/mt, narrowing the price gap with refined copper below RMB 500/mt. The price gap was not advantageous for copper processing enterprises, which slowed their pace in purchasing scrap copper. On the other hand, despite a copper price slump, stagnation of market transaction made purchases impossible.