SMM Weekly Review on Scrap Copper Imports (Aug. 22-26)

SHANGHAI, Aug. 30 (SMM) –Scrap copper imports could make profit margins last week. Discounts for # 1 scrap copper in overseas markets were cents 24/pound, and cents 36/pound for # 2 scrap copper. LME copper prices continued to fluctuate, but scrap copper prices advanced due to cargo-holders' unwillingness in moving goods, and even when refined copper prices experienced slight declines, scrap copper prices still increased. The improved SHFE/LME copper price ratio somewhat stimulated importer enthusiasm in importing scrap copper, expanding profit margins above RMB 2,000/mt. As a result, quotation pricing from importers in Jiangsu and Zhejiang provinces increased slightly, but importers' interest in Guangdong province was dampened due to stricter Customs inspection.