Copper Scrap Traders were Eager to Ship

SHANGHAI, Mar 31 (SMM) - Shandong bare bright copper was quoted at 66,400-66,600 yuan/mt. The average price dropped 150 yuan/mt from the previous trading day. Copper futures fell rapidly after rising yesterday. Due to the fear of falling prices, copper scrap traders were eager to ship and they lowered the prices. Although the supply was still low, traders could not sell when the copper prices were high in the past few days, and they had a certain amount of goods for now. It is expected that trading volume today will increase significantly. Recently, due to the pandemic, the supply of copper cathode was short, thus the substitution effect of copper wire scrap appeared. The demand for copper wire scrap increased, and the spread between copper wire scrap and bare bright copper expanded from the original 200 yuan/mt to 400 yuan/mt.

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