Prices of #1 bare bright copper without invoices averaged 61,960 yuan/mt as of last Friday, down 500 yuan/mt from a week earlier. The average price spread between copper cathode and copper scrap stood at 864 yuan/mt. Copper scrap sellers refrained from selling amid lower copper prices, and the price spread between copper cathode and copper scrap narrowed 434 yuan/mt from a week earlier, dampening copper scrap consumption.
For copper scrap, cif quotes for #1 copper scrap were Comex September copper prices less $0.07-0.08/lb, and offers for birch/cliff were Comex September copper prices less $0.2-0.21/lb. The coefficient for US brass against LME copper was 68-69%, with the fixed prices of $5,700-5,750/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 98.75-99%, on a cif basis.
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