SHANGHAI, Jul. 10 (SMM) – SMM's latest survey confirmed that the average operating rate at scrap copper smelters fell further to 46.7% in June. Although improvements in the SHFE/LME copper price ratio since early May have enticed scrap copper importers to replenish stocks, most shipments are expected to begin arriving after mid-July. At present there are few sources of high-quality goods feeding the spot market. Processing fees on scrap and crude copper have also contracted marginally, creating losses for scrap copper smelters. This has compelled some smaller scrap copper smelters to reduce production. Large and medium-sized smelters, on the other hand, have stepped up raw material purchases, exacerbating tightness in the domestic supply of scrap copper.