SMM Weekly Review on Scrap Copper Consumption Advantages (Oct. 15-19)

SHANGHAI, Oct. 23 (SMM) –Copper futures prices kept fluctuating last week, but scrap copper prices proved resistant to declines due to tight supply. The price spread between bare bright (including tax) and refined copper slipped slightly to RMB 1,100-1,400/mt, but scrap copper still enjoyed price advantage for copper semis processors. Supply of #2 scrap copper was extremely tight, so traders quoted prices firm, around 93% of the price of refined copper. But scrap copper smelters rejected this price and requested price levels that were RMB 1,900/mt lower than spot refined copper prices. This led to weak scrap copper market activity.