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SMM Weekly Review on Scrap Copper Imports (Mar. 4-8)
Mar 12,2013 14:39CST
smm insight
Source:SMM
Losses on high-quality imported scrap copper fell considerably to RMB 400-600/mt last week, attracting more traders to inquire prices actively.

SHANGHAI, Mar. 12 (SMM) –Dragged down by an increasing US dollar, copper futures prices continued to fall over the past week. However, SHFE copper prices dropped slightly slower than LME copper, helping the SHFE/LME copper price ratio rise to 7.30-7.31 gradually. Besides, the RMB exchange rate also increased further, causing scrap copper importing cost to fall slightly. CIF quotations for bare bright copper were US 6¢/lb below Comex copper for May 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 fell considerably to RMB 400-600/mt last week, attracting more traders to inquire prices actively. As such, China's scrap copper imports are expected to increase appreciably in the near future.
 

China scrap copper imports
scrap copper import losses
scrap copper importers

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