Copper Scrap Prices Fell Last Week

Published: May 30, 2023 11:57

Source: SMM

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Prices of #1 bare bright copper without invoices averaged 59940 yuan/mt as of last Friday, down 720 yuan/mt from a week earlier.

Prices of #1 bare bright copper without invoices averaged 59940 yuan/mt as of last Friday, down 720 yuan/mt from a week earlier. The average price spread between copper cathode and copper scrap stood at 924 yuan/mt. As copper prices continued to fall last week, suppliers of copper scrap were more reluctant to sell goods until Friday, when copper prices stopped falling and rebounded. The supply increased slightly.

For copper scrap, cif quotes for #1 copper scrap were Comex September copper contract prices less $0.08-0.09/lb, and offers for birch/cliff were Comex September copper prices less $0.19-0.2/lb. The coefficient for US brass against LME copper was 68-69%, with the fixed prices of $5,550-5,650/mt. The coefficient for copper granules (Cu 98.5%) against LME copper was 96-96.25% on a cif basis, and the coefficient for bare bright copper against LME copper at 99-99.25%, on a cif basis.

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