Throughput in East China Nonferrous Metals Market Dropped Sharply amid Falling Copper Prices

SHANGHAI, Jul 26 (SMM) - From July 18 to July 24, the throughput of copper scrap in the East China Nonferrous Metals Market was 84,600 mt, down 25.61% WoW. According to the SMM data (from July 18 to July 22), the weekly average price of  #1 copper cathode was 56,493 yuan/mt, down 472 yuan/mt, or 0.83%, from the previous week, and that of bare bright copper was 51,430 yuan/mt, down 740 yuan/mt, or 1.42%, from the previous week.

According to the SMM research, copper prices kept falling last week (July 18-July 22). During the week, copper prices once rebounded, and the cargo holders were less willing to sell at low prices, hence the available goods in the market were scarce. Besides, the in-plant inventory of raw material of downstream scrap users was also tight. The growth of new orders was limited by the wild fluctuation of prices, and the scrap users mainly purchased on rigid demand, resulting in a decreasing demand for copper scrap.  SMM expects that the throughput of copper scrap in the East China Nonferrous Metals Market will pick up somewhat this week (July 25-July 31).