SMM Weekly Review on Scrap Copper Consumption Advantages (Feb. 4-8)

SHANGHAI, Feb. 8 (SMM) –Inasmuch as market sentiment turned around last week in the face of stable economic data from both China and the US, copper futures prices continued hovering at highs. Scrap copper prices, though, posted smaller gains than refined copper, leading the price spread between bare bright (including tax) and refined copper to expand further to RMB 1,000-1,200/mt. This indicated that scrap copper enjoyed some price advantage against refined copper, but scrap copper transaction volumes remained thin now that most scrap copper smelters and downstream consumers exited markets for the Chinese New Year holiday.