According to SMM statistics, the domestic copper scrap and copper ingot smelting volume stood at 129,000 mt in April, down 9,000 mt MoM. Copper prices began to move down in mid-April, with sharp drop in late April, leaving copper scrap traders reluctant to sell their goods. This, coupled with improving demand from secondary copper rod makers, allowed copper scrap prices to outperform copper prices. As a result, the price difference between copper cathode and copper scrap kept shrinking. As of April 28, the price difference between the two stood at 1,168 yuan/mt, narrowing nearly 1,000 yuan/mt MoM, making copper scrap less attractive to buyers.