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SMM Weekly Review on Scrap Copper Imports (Dec. 5-9)
Dec 15,2011 15:52CST
smm insight
Source:SMM
The increase in scrap copper prices was less than that for refined copper, causing imported scrap copper to incur losses of RMB 300-500/mt last week.

SHANGHAI, Dec. 15 (SMM) –Discounts on scrap copper held stable last week. CIF quotations for #1 scrap copper equaled Comex copper for March delivery less USD 0.19/lb last week, and less USD 0.29/lb for #2 scrap copper. The SHFE/LME copper price ratio fluctuated between 7.36-7.39 earlier during the week as SHFE copper prices posted weaker performance than the LME. Weak domestic copper prices also raised selling pressure in the scrap copper market. As a result, the increase in scrap copper prices was less than that for refined copper, causing imported scrap copper to incur losses of RMB 300-500/mt last week. Imports of scrap copper, though, did slow last week on account of the approach of the year's end.
 

scrap copper imports

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