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SMM Weekly Review on Scrap Copper Imports (Nov. 28-Dec. 2)
Dec 8,2011 10:20CST
smm insight
Source:SMM
CIF quotations for #1 scrap copper equaled Comex copper for December delivery less USD 0.19/lb last week, and less USD 0.29/lb for #2 scrap copper.

SHANGHAI, Dec. 8 (SMM) –CIF quotations for #1 scrap copper equaled Comex copper for December delivery less USD 0.19/lb last week, and less USD 0.29/lb for #2 scrap copper. Buoyed by the joint action undertaken by six central banks to reinvigorate the financial market, LME copper prices surged from previous lows to hover around USD 7,800/mt. Gains in SHFE copper prices were less than the LME, causing the SHFE/LME copper price ratio to fall quickly to around 7.40. Growth in the scrap copper market remained constrained by scrap copper prices and the lack of significant upward momentum. Profits on imported scrap copper inched down to RMB 1,500-2,000/mt last week.
 

scrap copper imports

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