No.1 Copper Wire Market Price Weakens in Japan

Copper scrap market price lowered by 5-10 yen per kilogram in Japan on Wednesday, when overseas electrolytic copper markets toned down. Scrap dealers averagely paid 550-560 yen per kg for No.1 copper wire. One scrap dealer in Tokyo said they almost finished scrap collection for monthly delivery quota and they don’t need to purchase no.1 copper wire at high price of 560 yen in hurry.

Around Osaka, some scrap dealers showed aggressive intention to approve above 560 yen per kg for no.1 copper wire to secure inventories for three-month delivery quota or to lower cost price. Meanwhile, some dealers were unwilling to pay more than 550 yen since they hold enough inventories and JX Nippon Mining & Metals seems to revise down its electrolytic copper selling price, the domestic price indicator.