Copper Scrap Market Price in Weak Tone, Tokyo

Copper scrap market price kept flat with potential decrease around Tokyo on Tuesday. Scrap dealers are in weak selling stances when electric cable makers and copper alloy fabricators are widely decreasing scrap procurement. The market price was around 265-270 yen per kilogram for no.1 copper wire scrap.

Copper settlement price at London Metal Exchange was US$ 3,171.5 per tonne on 12 January, down by US$ 108.5 from the end of last week. The telegraphic transfer selling rate was 90.48 yen per US dollar on Tuesday. Nippon Mining & Smelting didn’t revise its electrolytic copper selling price, the indicator, on Tuesday when Japanese yen became the yearly strongest.

Copper scrap dealers cannot offer high prices to secure commission per unit weight even when copper alloy fabricators significantly cut their scrap procurement. A dealer source pointed out another factor that many users recently tend to decide copper scrap price along LME price, that is, copper scrap price became cheaper than the case based on Nippon Mining & Metals’ copper ingot price.

The dealer said they cannot purchase no.1 copper scrap at above 270 yen per kg since scrap users are offering low prices. The market price is around 240-250 yen per kg for new cutting oxygen free copper scrap.