SMM Weekly Survey on Scrap Copper Inventories (Sept. 5-9)

SHANGHAI, Sept. 14 (SMM) –Based on the SMM survey result, scrap copper inventories last week held flat with levels a week earlier, while copper futures fluctuated in the USD 8,800-9,200/mt range. Scrap copper prices held firm when copper prices declined, making market transactions difficult. Downstream producers preferred to buy refined copper as raw materials when copper prices rose, while cargo-holders of scrap copper were reluctant to sell at discounts, keeping overall transactions muted. New arrivals of scrap copper were limited last week, and large amounts of goods in Guangdong failed to arrive due to customs clearance problems, keeping scrap copper inventories stable in the market.