SHANGHAI, Jul. 24 (SMM) – As refined copper prices edged up, scrap copper prices also moved higher, keeping the price gap between bare bright (including tax) and refined copper between RMB 500-700/mt. Inasmuch as scrap copper enjoyed no appreciable price advantage against refined copper, most low-oxygen copper rod producers continued to favor primary copper. Cargo-holders of #2 scrap copper held prices firm in the face of extreme supply shortages (94.5%-95% of spot refined copper). This triggered losses for scrap copper smelters, who thus held back from buying.