SMM Weekly Review on Scrap Copper Consumption Advantages (Jan. 14-18)-Shanghai Metals Market

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SMM Weekly Review on Scrap Copper Consumption Advantages (Jan. 14-18)

SMM Insight 01:23:07PM Jan 22, 2013 Source:SMM

SHANGHAI, Jan. 22 (SMM) –As copper futures prices kept fluctuating narrowly, the SHFE/LME copper price ratio improved last week and helped losses on imported scrap copper fall. However, with Chinese New Year holiday nearing, scrap copper importers became less willing to import, causing domestic scrap copper supply to remain extremely tight. This helped scrap copper prices post larger gains than refined copper last week, and sent the price differential between bare bright (including tax) and refined copper down slightly to RMB 700-1,000/mt. This left scrap copper with no appreciable price advantage against refined copper, which compelled downstream consumers to buy input materials only as needed and resulted in lackluster scrap copper market activity. 

 

SMM Weekly Review on Scrap Copper Consumption Advantages (Jan. 14-18)

SMM Insight 01:23:07PM Jan 22, 2013 Source:SMM

SHANGHAI, Jan. 22 (SMM) –As copper futures prices kept fluctuating narrowly, the SHFE/LME copper price ratio improved last week and helped losses on imported scrap copper fall. However, with Chinese New Year holiday nearing, scrap copper importers became less willing to import, causing domestic scrap copper supply to remain extremely tight. This helped scrap copper prices post larger gains than refined copper last week, and sent the price differential between bare bright (including tax) and refined copper down slightly to RMB 700-1,000/mt. This left scrap copper with no appreciable price advantage against refined copper, which compelled downstream consumers to buy input materials only as needed and resulted in lackluster scrap copper market activity.