SMM Weekly Review on Scrap Copper Consumption (Sept. 19-23)

SHANGHAI, Sept. 27 (SMM) –Last week, the US Federal Reserve’s (Fed) QE3 measures were short of market expectations, while the European debt crisis was escalating. Market aversion sentiment exerted great selling pressures on risky assets such as copper, causing LME copper prices to slide below USD 7,500/mt. Scrap copper prices also slumped with falling refined copper prices, but there were no buyers in the market. There was nearly no price difference between scrap and refined copper over the past week, keeping market transactions quiet.