At the beginning of the week, the copper price fluctuated around 65,000 yuan/mt. The suppliers of copper scrap were reluctant to sell, but some traders of copper scrap sold a small amount of copper scrap to withdraw funds. The supply growth of copper scrap was limited. In the middle of the week, copper futures rose above 66,000 yuan/mt, and the suppliers of copper scrap were less reluctant to sell their goods. Therefore, the supply of copper scrap last week increased from the previous week.
On the demand side, due to the recent shortage of copper scrap and the narrow price difference between copper cathode and copper scrap, copper anode plate plants that used copper scrap as raw materials cut output due to losses. As a result, available copper anode in the market decreased, and RCs of blister copper in south China fell. In addition, due to the difficulty in purchasing raw materials and weak downstream demand, some copper rod factories that used copper scrap as raw materials halted production during the week. Overall, the demand for copper scrap has decreased. This combined with the increase in supply slightly eased the tight supply of copper scrap last week.
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