Jan imports of copper scrap shrink 11.5% on year

Shanghai base metals traded mixed after opening on Thursday morning, as Fed failed to set a timeline for tapering asset purchase, and COVID-19 pandemic made a comeback. Meanwhile, their counterparts on LME mostly went up.

SHFE copper prices rallied from lows last week. Prices edged up from 67,500 yuan/mt and tested the 70,000 yuan/mt mark on Friday. European and US stock markets plunged sharply on Tuesday evening amid market concerns over the Delta strain, while SHFE copper prices opened lower.

Shanghai base metals were mostly lower on Tuesday morning as investors awaited the release of China's trade data for June. Meanwhile, their counterparts on the LME also fell for the most part.

SMM data showed that the stocks rose 4,200 mt from the prior week to 439,800 mt as of Friday July 9.

This is a roundup of China's metals weekly inventory as of July 9.

The fluctuation band of aluminium scrap taint was 300 yuan/mt last week, while that of aluminium scrap tense was 200 yuan/mt. Poor sales at secondary aluminium producers pressured aluminium scrap prices. Import restrictions kept supply of aluminium scrap tense tight. Aluminium scrap prices will remain under downward pressure and the price difference between primary aluminium and aluminium scrap will continue to expand before the completion of the next pricing cycle of secondary aluminium in early April.

SHFE nonferrous metals rose for the most part on Monday January 25. Copper edged up 0.07%, zinc added 0.74%, lead jumped 2.91%, nickel advanced 0.88% and tin surged 4.09%, while aluminium shed 0.17%.

Nonferrous metals on the SHFE were mostly higher on Thursday morning, and their counterparts on the LME rose across the board after stocks on Wall Street sailed to record highs as US President Joe Biden was sworn into office.

Shanghai base metals rose broadly on Wednesday January 20. Copper and zinc added 0.34%, lead rose 1.58%, nickel gained 0.14% and tin climbed 0.24%. 

China imported 47,000 mt of aluminium scrap in October, down 40.4% on the month, and down 21.5% on the year, and imports totalled 680,000 mt in the first ten months of 2020, down 48% from the same period last year, the latest customs data showed.