SHANGHAI, Jan. 15 (SMM) – The two US political parties reached a consensus on the fiscal cliff issue during the New Year holiday and significantly buoyed market confidence. Combined with favorable economic figures released by major economies, copper futures prices rose further. In the face of tight supply, scrap copper prices also trended higher. The premiums for VAT receipts returned to the average level seen last year, also helping scrap copper prices (including tax) march higher. Against this backdrop, the price gap between bare bright (including tax) and refined copper narrowed to RMB 800-1,100/mt. This indicated that scrap copper enjoyed no noticeable price advantage against refined copper, and compelled downstream consumers to buy scrap copper on an as-needed basis.