SMM Weekly Review on Scrap Copper Consumption Advantages (Dec. 3-7)-Shanghai Metals Market

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SMM Weekly Review on Scrap Copper Consumption Advantages (Dec. 3-7)

SMM Insight 11:43:53AM Dec 11, 2012 Source:SMM

SHANGHAI, Dec. 11 (SMM) –The US budget talks failed to yield any result last week and brought pressures to copper markets. But Chinese leaders set directions for next year's economy, which boosted commodity markets with copper prices increasing significantly. Scrap copper prices followed copper futures prices to increase amid tight market supply, but no considerable improvement in consumption kept gains in check. The price gap between bare bright (including tax) and refined copper expanded to RMB 700-1,000/mt, but scrap copper still enjoyed no noticeable price advantage versus refined copper. Against this backdrop, downstream consumers expressed inadequate interest in buying, keeping scrap copper market activity quiet.
 

SMM Weekly Review on Scrap Copper Consumption Advantages (Dec. 3-7)

SMM Insight 11:43:53AM Dec 11, 2012 Source:SMM

SHANGHAI, Dec. 11 (SMM) –The US budget talks failed to yield any result last week and brought pressures to copper markets. But Chinese leaders set directions for next year's economy, which boosted commodity markets with copper prices increasing significantly. Scrap copper prices followed copper futures prices to increase amid tight market supply, but no considerable improvement in consumption kept gains in check. The price gap between bare bright (including tax) and refined copper expanded to RMB 700-1,000/mt, but scrap copper still enjoyed no noticeable price advantage versus refined copper. Against this backdrop, downstream consumers expressed inadequate interest in buying, keeping scrap copper market activity quiet.