SMM Weekly Review on Scrap Copper Imports (Oct. 24-28)

SHANGHAI, Nov. 3 (SMM) –Overseas suppliers of scrap copper became more willing to sell after LME copper prices rose rapidly last week. CIF quotations for #1 scrap copper equaled for Comex copper prices for December delivery minus USD 0.24/lb, and for #2 scrap copper minus USD 0.35/lb, while the price gap between #1 and #2 scrap copper and domestic refined copper failed to narrow. As scrap copper prices rose with refined copper prices, the price relationship between the two actually widened. Tight supplies of domestic scrap copper helped make domestic scrap copper prices more resilient, providing a basis for a slight rebound in the profits on imported scrap copper to between RMB 500-2,000/mt as well as an incentive for some large traders to step up orders.