Scrap Copper Inventories Hold at 3 Day-Shanghai Metals Market

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Scrap Copper Inventories Hold at 3 Day

SMM Insight 02:21:56PM Feb 08, 2013 Source:SMM

SHANGHAI, Feb. 8 (SMM) – SMM's latest survey indicated that scrap copper inventories remained unchanged at 3 days in January, and considered low levels. On account of environmental protection approval factor, some traders scaled back scrap copper imports during January, which were expected to drop to around 370,000 mt this month. This exacerbated domestic scrap copper supply constraints. Meanwhile, with the premiums for VAT receipts rising, scrap copper (including tax) had no noticeable price advantage against refined copper, which dampened downstream consumers' interest in purchasing scrap copper. Hence, scrap copper stocks continued moving at lows during January.
 

Scrap Copper Inventories Hold at 3 Day

SMM Insight 02:21:56PM Feb 08, 2013 Source:SMM

SHANGHAI, Feb. 8 (SMM) – SMM's latest survey indicated that scrap copper inventories remained unchanged at 3 days in January, and considered low levels. On account of environmental protection approval factor, some traders scaled back scrap copper imports during January, which were expected to drop to around 370,000 mt this month. This exacerbated domestic scrap copper supply constraints. Meanwhile, with the premiums for VAT receipts rising, scrap copper (including tax) had no noticeable price advantage against refined copper, which dampened downstream consumers' interest in purchasing scrap copper. Hence, scrap copper stocks continued moving at lows during January.