SMM Weekly Review on Scrap Copper Imports (Feb. 25- Mar. 1)

SHANGHAI, Mar. 6 (SMM) –LME copper stocks continued to increase following the Chinese New Year holiday, and uncertainty in Italian general election raised market worries that the European debt crisis may be reignited. Meanwhile, investors were also worried that the Fed may exit QE3 measures earlier than scheduled, causing LME copper prices to slip quickly. SHFE copper prices followed LME copper down, but the SHFE/LME copper price ratio still improved to 7.29-7.31. CIF quotations for bare bright copper were US 6¢/lb below Comex copper for March delivery, US 15-17¢/lb below #1 scrap copper, and US 25-27¢/lb below #2 scrap copper. Losses on high-quality imported scrap copper decreased to RMB 1,000-1,300/mt, so traders became more willing to inquiring prices.