Copper Scrap Price Keeps Flat in Nagoya

The market price of no.1 copper wire scrap is flat at about 860-870 yen per kilogram around Nagoya. The price seems to maintain steady for a while with less scrap generation in the market.Japanese official copper ingot price stays at 970,000 yen per tonne. Copper spot price at London Metal Exchange is as high as around US$ 8,500 per tonne while Japanese yen is being relatively weaker against US dollar.Demand for copper scrap is stagnant, though the demand was strong 1-2 years ago even when the official copper price was as high as around 1 million yen per tonne. A scrap dealer source said the 3-month contract volume for July-September decreased by 5-20% compared with the usual level.On the other hand, scrap generation is decreasing due to less demolition works under slow economy.