Copper Prices Further Declined and the Throughout of East China Nonferrous Metal City was Low

SHANGHAI, July 19 (SMM) - From July 11-17, the secondary copper throughout of East China Nonferrous Metal City in Linyi stood at 11,300 mt, up 5.34% from the previous week. According to SMM (July 11-15), the weekly average price of 1# copper cathode was 56,965 yuan/mt, down 2,923 yuan/mt or 4.88% from the previous week. The weekly average price of bare bright copper in East China Nonferrous Metal City in Linyi was 52,170 yuan/mt, down 1,280 yuan/mt or 2.39% from the previous week.

Last week (7.11-7.15), copper prices continued to fall, but the decline was narrower. Some traders chose to clear their inventory, some small traders chose to temporarily suspend the business. Most other traders were not motivated to pick up goods. The overall market supply was still very tight. In addition, according to SMM research, scrap users were less willing to purchase and mainly purchased as needed as the orders were poor amid the weak demand and traditional off-season. The market demand for secondary copper continues to decline and it is expected that the throughput of secondary copper in East China Nonferrous Metal City will remain low this week (July 18-24).