As of Wednesday June 21, the weekly average price of bare bright copper rose by 1,033 yuan/mt to 63,333 yuan/mt. Copper scrap traders sold at highs, growing supply of copper scrap. The high absolute copper price strengthened the substitution of copper rod produced with copper cathode by copper rod produced with copper scrap, growing demand for copper scrap. The supply of copper scrap remained ample.
For copper scrap, cif quotes for #1 copper scrap were COMEX December copper contract prices less $0.11-0.12/lb, and offers for birch/cliff were COMEX December copper prices less $0.22-0.23/lb. The coefficient for US brass against LME copper was 67-67.5%, with the fixed prices of $5,750-5,800/mt. The coefficient for copper granules (Cu 98.5%) against LME copper was 95.25-95.75% on a cif basis, and the coefficient for bare bright copper against LME copper at 98.5-98.75%, on a cif basis.
