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

SHANGHAI, Sept. 24 (SMM) – As copper futures prices extended gains, discounts on scrap copper trended higher. CIF quotations for bare bright copper were US 10¢/lb below Comex copper for December delivery, US 24¢/lb below #1 scrap copper, and US 34¢/lb below #2 scrap copper. Owing to no noticeable improvement in domestic consumption, domestic copper prices rose slower than LME copper prices, leading the SHFE/LME copper price ratio to slip further to around 7.20. As a result, losses on imported scrap copper expanded appreciably to RMB 2,600-3,100/mt, heightening importers' wait-and-see sentiment.