Copper scrap prices drop further on cashflow need

SHANGHAI, Feb 5 (SMM) – Copper scrap spot prices fell 100 yuan/mt on Monday February 5 as demand remained sluggish ahead of Chinese New Year.

The 1# bare bright copper in Guangdong province traded at 46,400-46,700 yuan/mt, down from 46,500-46,800 yuan/mt last Wednesday, SMM learned. Some sellers had to let go of their cargoes at lower prices due to cashflow requirements before Chinese New Year.

The first five batches of approvals for copper scrap import permit applications this year dropped over 90% year on year. However, market participants would look out for the actual import volumes in January.

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