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

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

SMM Insight 01:25:41PM Jan 22, 2013 Source:SMM

SHANGHAI, Jan. 22 (SMM) –LME copper prices last week dipped to a trough of USD 7,920/mt before rebounding stably, but SHFE copper prices proved more resistant to declines than LME copper owing to market expectations on a turnaround in domestic consumption, despite soft copper demand. The SHFE/LME copper price ratio thus increased gradually to 7.25-7.27. CIF quotations for bare bright copper were US 6-8¢/lb below Comex copper for March delivery, US 17-19¢/lb below #1 scrap copper, and US 29-31¢/lb below #2 scrap copper. Losses on high-quality imported scrap copper fell sharply to RMB 1,200-1,500/mt, but traders still expressed marginal interest in importing.

 

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

SMM Insight 01:25:41PM Jan 22, 2013 Source:SMM

SHANGHAI, Jan. 22 (SMM) –LME copper prices last week dipped to a trough of USD 7,920/mt before rebounding stably, but SHFE copper prices proved more resistant to declines than LME copper owing to market expectations on a turnaround in domestic consumption, despite soft copper demand. The SHFE/LME copper price ratio thus increased gradually to 7.25-7.27. CIF quotations for bare bright copper were US 6-8¢/lb below Comex copper for March delivery, US 17-19¢/lb below #1 scrap copper, and US 29-31¢/lb below #2 scrap copper. Losses on high-quality imported scrap copper fell sharply to RMB 1,200-1,500/mt, but traders still expressed marginal interest in importing.