SMM Weekly Survey on Scrap Copper Inventories (Aug. 22-26)

SHANGHAI, Aug. 29 (SMM) –Last week, scrap copper inventories were up slightly, and based on a recent SMM survey, the turnover period increased one day to three days. The decline in scrap copper inventories was due largely to the fact that new goods gradually arrived, since expanded discounts for high-quality scrap copper in earlier stages attracted quotation pricing from some domestic importers. Meanwhile, amid a tight market supply, scrap copper prices became extremely firm when suppliers were more unwilling to move goods, which propelled downstream buyers to buy refined copper as a substitute. Moreover, summer holidays in Europe and the US haven’t ended yet, increasing difficulties for buyers to make purchases, and causing some cargo-holders to become more reluctant to sell. SMM believes that scrap copper inventories will rise slightly, but remain tight.