SMM Weekly Survey on Scrap Copper Inventories (Aug. 29-Sept.2)

SHANGHAI, Sept. 5 (SMM) –Based on the SMM survey results, scrap copper inventories continued to increase slightly over the past week, with the turnover period rising to four days. Since scrap copper prices have kept up with copper price increases, most cargo-holders held offers firm, resulting no price gap between the two, or even higher scrap copper prices than refined copper prices, which propelled downstream producers to stop purchasing scrap copper. Consumption ability of scrap copper at low-oxygen enterprises and copper smelters was especially weak. However, as scrap copper orders booked earlier by traders at low prices began to gradually arrive, scrap copper inventories rose slightly.