SMM Cu Survey: Scrap Copper Inventories Remain Low at Scrap Copper Smelters

SHANGHAI, Nov. 16 (SMM) –SMM's survey confirmed that inventories at the scrap copper smelters surveyed remained low through October. The drop in output at scrap copper smelters was largely due to the supply shortages on the domestic scrap copper markets. The inverted price relationship between scrap and refined copper further depressed smelter interest in purchasing scrap copper. Inventory levels at the scrap copper smelters surveyed fell to a new low last week. Although some smelters began restocking at the prevailing low prices, the volumes accumulated remained below the levels required for sustainable production.