SMM Weekly Review on Scrap Copper Imports (Jan. 21-25)-Shanghai Metals Market

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SMM Weekly Review on Scrap Copper Imports (Jan. 21-25)

SMM Insight 03:20:27PM Jan 30, 2013 Source:SMM

SHANGHAI, Jan. 30 (SMM) –Copper futures prices were lifted slightly higher on positive economic data out of China, the US, and Europe. However, gains in domestic copper prices were kept in check in the face of slack consumption, which caused the SHFE/LME copper price ratio to fall slightly to 7.23-7.25. 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 widened to RMB 1,700-1,900/mt, so traders exhibited little interest in importing.
 

SMM Weekly Review on Scrap Copper Imports (Jan. 21-25)

SMM Insight 03:20:27PM Jan 30, 2013 Source:SMM

SHANGHAI, Jan. 30 (SMM) –Copper futures prices were lifted slightly higher on positive economic data out of China, the US, and Europe. However, gains in domestic copper prices were kept in check in the face of slack consumption, which caused the SHFE/LME copper price ratio to fall slightly to 7.23-7.25. 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 widened to RMB 1,700-1,900/mt, so traders exhibited little interest in importing.