Japan Copper Scrap prices up; LME Copper hits 5-1/2 year low

JAPAN January 14 2015 3:45 PMTweet 
TOKYO (Scrap Register): Copper scrap prices in Japanese market showed an up-trend on Wednesday, while the red metal prices at London Metal Exchange recorded a 5-1/2 year low of $5,353.25 a ton.

Major copper scrap commodities in Japan witnessed an up-trend on Scrap Register Price Index as on Wednesday. The scrap prices for copper bottom, copper no.1, cutting copper, includes copper, ordinary copper, reduction of copper powder (above) are traded up on Wednesday.

However, the scrap prices for electrolytic cathode copper dropped to 746 per kilo gram on Wednesday, while prices for scrap Copper No.2 remained flat.

Three-month copper on the LME dived to $5,353.25 a ton, the weakest since July 2009, before trading at $5475 a ton at 02:34 GMT, still down 6.5 per cent on the day.

The most actively traded copper contract on Shanghai Futures Exchange, for March delivery, settled down by 2.7% to RMB 42,150 a metric ton on Wednesday in tandem with London copper.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestion and comments to editor@scrapregister.com)