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Copper Scrap Supply Increased as Sellers Sold Aggressively
2023-4-18
Supplies of copper scrap increased last week as sellers sold aggressively motivated by higher copper prices. In the meantime, copper rod plants using copper scrap have cut output over the past three weeks against poor end-user demand, leading to lower operating rates. This tightened supply in the market, keeping prices of copper rod produced with copper scrap firm. In this scenario, some copper rod plants, who planned to lift output this week, restocked inventories actively.
In general, both the supply and demand increased. Therefore, the average price spread between copper cathode and copper scrap changed little last week compared with the prior week.
Prices of #1 bare bright copper without invoices averaged 63,220 yuan/mt as of last Friday, up 120 yuan/mt from a week earlier. The average price spread between copper cathode and copper scrap shrank 21 yuan/mt to 2,216 yuan/mt.
For copper scrap, cif quotes for #1 copper scrap were Comex September copper contract prices less $0.1-0.11/lb, and offers for birch/cliff were Comex July copper prices less $0.21-0.23/lb. The coefficient for US brass against LME copper was 67.5-68%, with the fixed prices of $5,920-6,030/mt. The coefficient for copper granules (Cu 98.5%) against LME copper was 95.5-95.75% on a cif basis, and the coefficient for bare bright copper against LME copper at 97-98%, on a cif basis.
In general, both the supply and demand increased. Therefore, the average price spread between copper cathode and copper scrap changed little last week compared with the prior week.
Prices of #1 bare bright copper without invoices averaged 63,220 yuan/mt as of last Friday, up 120 yuan/mt from a week earlier. The average price spread between copper cathode and copper scrap shrank 21 yuan/mt to 2,216 yuan/mt.
For copper scrap, cif quotes for #1 copper scrap were Comex September copper contract prices less $0.1-0.11/lb, and offers for birch/cliff were Comex July copper prices less $0.21-0.23/lb. The coefficient for US brass against LME copper was 67.5-68%, with the fixed prices of $5,920-6,030/mt. The coefficient for copper granules (Cu 98.5%) against LME copper was 95.5-95.75% on a cif basis, and the coefficient for bare bright copper against LME copper at 97-98%, on a cif basis.
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