SMM Weekly Review on Scrap Copper Imports (Jun. 18-21)

SMM Insight 01:54:30PM Jun 27, 2012 Source:SMM

SHANGHAI, Jun. 27 (SMM) – As the SHFE/LME copper price ratio held above 7.30 last week, and since the RMB exchange rate moved higher, scrap copper importers have reported the return of slight profits. CIF quotations for #1 scrap copper remained US 17¢/lb below Comex copper for July delivery last week, and minus US 27-28¢/lb for #2 scrap copper. Scrap copper supply has begun falling marginally in the US and European markets. As the window for scrap copper imports opened, importers stepped up purchase volumes last week. This was especially true of scrap copper smelters and other downstream enterprises. Traders, though, continued to replenish stocks on an as-needed basis last week out of fears that future copper prices would soften further.
 

SMM Weekly Review on Scrap Copper Imports (Jun. 18-21)

SMM Insight 01:54:30PM Jun 27, 2012 Source:SMM

SHANGHAI, Jun. 27 (SMM) – As the SHFE/LME copper price ratio held above 7.30 last week, and since the RMB exchange rate moved higher, scrap copper importers have reported the return of slight profits. CIF quotations for #1 scrap copper remained US 17¢/lb below Comex copper for July delivery last week, and minus US 27-28¢/lb for #2 scrap copper. Scrap copper supply has begun falling marginally in the US and European markets. As the window for scrap copper imports opened, importers stepped up purchase volumes last week. This was especially true of scrap copper smelters and other downstream enterprises. Traders, though, continued to replenish stocks on an as-needed basis last week out of fears that future copper prices would soften further.