SMM Weekly Review on Scrap Copper Imports (Oct. 17-21)-Shanghai Metals Market

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SMM Weekly Review on Scrap Copper Imports (Oct. 17-21)

SMM Insight 03:54:34PM Jun 14, 2012 Source:SMM

SHANGHAI, Jun. 14 (SMM) –Copper futures extended declines over the past week as commodities slipped on falling crude prices. Falling copper prices brought no relief for scrap copper importers, however, as the low demand season approaches for overseas scrap copper suppliers. Scrap copper supply thus decreased while cargo-holders became unwilling to sell, slightly cutting discounts on scrap copper. This sent CIF quotations for #1 scrap copper to US 17¢/lb below Comex copper for July delivery last week, and minus US 27-28¢/lb for #2 scrap copper. Some suppliers even slashed the discount on #2 scrap copper to US 26¢/lb. Although losses on imported scrap copper have fallen sharply as the SHFE/LME copper price ratio has stabilized above 7.25, cargo-holders of scrap copper remain hesitant to act, preferring to await further indication of copper price trends. 

Price

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1# Silver ingots(99.99%)
May.24
3509.0
18.0
(0.52%)
2# Silver ingots(99.95%)
May.24
3494.0
18.0
(0.52%)
3# Silver ingots(99.90%)
May.24
3479.0
18.0
(0.52%)
Gold(99.99%)
May.24
288.8
2.3
(0.79%)
Gold(99.95%)
May.24
288.5
2.0
(0.70%)

SMM Weekly Review on Scrap Copper Imports (Oct. 17-21)

SMM Insight 03:54:34PM Jun 14, 2012 Source:SMM

SHANGHAI, Jun. 14 (SMM) –Copper futures extended declines over the past week as commodities slipped on falling crude prices. Falling copper prices brought no relief for scrap copper importers, however, as the low demand season approaches for overseas scrap copper suppliers. Scrap copper supply thus decreased while cargo-holders became unwilling to sell, slightly cutting discounts on scrap copper. This sent CIF quotations for #1 scrap copper to US 17¢/lb below Comex copper for July delivery last week, and minus US 27-28¢/lb for #2 scrap copper. Some suppliers even slashed the discount on #2 scrap copper to US 26¢/lb. Although losses on imported scrap copper have fallen sharply as the SHFE/LME copper price ratio has stabilized above 7.25, cargo-holders of scrap copper remain hesitant to act, preferring to await further indication of copper price trends.