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[Cu] Weekly Review of Scrap Copper Market
SHANGHAI, Apr. 30 (CBI China) -- This week, the average price of 1# bright scrap copper was RMB 35,025/mt, down RMB 3,825/mt compared to last week.
Supply: a small volume of imported scrap copper arrived at ports gradually. In the mean time, the cargo-holders sold off the goods due to sharp declines in the price this week, leading to increasing resources in the market and easing the tight supply.
Demand: sales of low-oxygen copper rod remained weak, so the demand for scrap copper at those producers slumped. The supply of raw materials for copper smelters remained tight, leaving some demand for scrap copper.
In general, the buying sentiment will improve until the price stabilizes despite of existing demand, and the transactions remained lukewarm in the market.
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