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

SHANGHAI, Oct. 23 (SMM) –As copper futures prices fluctuated, discounts on scrap copper remained unchanged. 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. The SHFE/LME copper price ratio remained around 7.2. But since RMB appreciation accelerated, and since domestic scrap copper prices proved more resistant to declines than refined copper, losses on imported scrap copper fell considerably, down to RMB 1,900-2,100/mt. Traders thus had no intention of importing scrap copper.