Copper Scrap Price Weakening in Tokyo

The market price of copper scrap is weakening around Tokyo on Monday though the domestic official price of copper ingot is set unchanged at 820,000 yen per tonne in January. The market prices are 720-745 yen per kilogram for no.1 copper wire scrap, 550-560 yen per kg for new cutting brass scrap without pressing, 480-495 yen per kg for brass turning scrap, 545-555 yen per kg for bronze casting scrap and 705-715 yen per kg for new cutting phosphor bronze scrap.Domestic official copper ingot price is expected to be revised down to around 800,000 yen per tonne soon after overseas copper markets weakened and underlying trend of stronger yen against US dollar advanced on 4 January. Copper scrap dealers are in a wait-and-see mood since they only started the new-year trading. Some dealers indicated they set their purchasing prices for copper scrap unchanged till the official copper ingot price is revised.Copper spot price at London Metal Exchange surged up by US$ 225.5 to US$ 6,990.5 per tonne at settlement on 4 January from the previous day. However, the spot price downed to US$ 6,915 in afternoon trading on the same day impacted by the decline of US stock market.