Weak Copper Scrap Price in Nagoya

The market price of no.1 copper wire scrap is decreasing to around 850-855 yen per kilogram in Nagoya.Copper scrap price was under the up trend by the end of last week when Japanese official copper ingot price was revised up thanks to the increase of overseas copper markets. However, overseas copper price turned to the decline this week and the settlement price at London Metal Exchange became to below US$ 8,000 per tonne. The scrap dealers expect the copper scrap price would decrease due to the weak copper ingot price.Scrap arrival maintains low at dealers’ sites. Dealer source said scrap shipment rushed in June when Japanese official copper price was decreasing. Makers’ purchase volume also stays at the low level. Cargo movement is totally stagnant in the market.Dealers are negative to purchase another scrap stock when the shipment is inactive and the market price seems to decrease. They would control the purchasing volume carefully for a while watching overseas copper market conditions.