SMM Weekly Review on Scrap Copper Imports (Jul. 9-13)-Shanghai Metals Market

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SMM Weekly Review on Scrap Copper Imports (Jul. 9-13)

SMM Insight 03:40:03PM Jul 10, 2012 Source:SMM

SHANGHAI, Jul. 10 (SMM) –LME copper garnered stimulation last week from positive developments emerging from the EU Summit, but sluggish consumption in China kept SHFE copper prices in check. This caused the SHFE/LME copper price ratio to fall to 7.26. The import window for scrap copper importers was thus closed again. Scrap copper supply from both the US and Europe became tighter last week due to soaring temperatures and slowing economies. CIF quotations for #1 scrap copper were thus US 16-17¢/lb below Comex copper for August delivery last week, and minus US 25-27¢/lb for #2 scrap copper. Facing losses, scrap copper importers have reverted to a wait-and-see posture, scaling back purchase volumes.
 

SMM Weekly Review on Scrap Copper Imports (Jul. 9-13)

SMM Insight 03:40:03PM Jul 10, 2012 Source:SMM

SHANGHAI, Jul. 10 (SMM) –LME copper garnered stimulation last week from positive developments emerging from the EU Summit, but sluggish consumption in China kept SHFE copper prices in check. This caused the SHFE/LME copper price ratio to fall to 7.26. The import window for scrap copper importers was thus closed again. Scrap copper supply from both the US and Europe became tighter last week due to soaring temperatures and slowing economies. CIF quotations for #1 scrap copper were thus US 16-17¢/lb below Comex copper for August delivery last week, and minus US 25-27¢/lb for #2 scrap copper. Facing losses, scrap copper importers have reverted to a wait-and-see posture, scaling back purchase volumes.