Firm Copper Scrap Price in Tokyo

Copper scrap market price is flat with potential increase around Tokyo when offshore copper ingot price renewed year-high for 3 days in a row and Japanese official copper ingot price could increase by around 10,000 yen from current 650,00 yen per tonne. A dealer source said the dealers have to buy scrap from market at current price while they were reluctant to buy under very slow demand. The dealers, however, are still reluctant to build scrap inventory.

A dealer said the firm is willing to pay 570 yen per kilogram for no.1 copper wire scrap and could pay up to 575 yen. Some transaction was 580 yen per tonne for large lot under the sellers’ market. However, the 580 yen transaction is limited when the dealers are still cautious for very slow high grade copper scrap demand.

A dealer said the firm can get order for new cutting brass scrap due to tight supply. The market price is around 425-430 yen per kg but some transaction was as high as 435 yen for large lot orders.

A scrap dealer expects copper ingot price should reach US$ 7,000 per tonne at London Metal Exchange sooner or later when speculators support the market despite of higher LME copper stock and lower US housing start. The higher price expectation could lift copper scrap market in Tokyo.