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SMM Weekly Review on Scrap Copper Imports (Feb. 18-22)
Feb 26,2013 14:06CST
smm insight
Source:SMM
As losses on high-quality imported scrap copper were between RMB 1,600-1,800/mt, traders expressed little interest in inquiring prices.

SHANGHAI, Feb. 26 (SMM) –SHFE copper prices lacked rising momentum owing to weak consumption recently, but also staged weaker performance in the latest round of declines compared with LME copper. Unfavorable economic data depressed market confidence following the Chinese New Year holiday, but lifted the US dollar significantly higher. The SHFE/LME copper price ratio, however, rose to 7.27-7.28. CIF quotations for bare bright copper were US 6-8¢/lb below Comex copper for March delivery, US 16-18¢/lb below #1 scrap copper, and US 26-28¢/lb below #2 scrap copper. As losses on high-quality imported scrap copper were between RMB 1,600-1,800/mt, traders expressed little interest in inquiring prices.

 

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