SMM

According to customs data, in October, the import volume of copper scrap was 155,400 mt, a month-on-month decrease of 8.75%, and a year-on-year increase of 37.64%. Rapid gains in the price of copper scrap and the RMB maintaining high exchange rates against the US dollar have lowered the profit margin of copper scrap imports. The market expected that China's macro policies would boost economic recovery and the US would suspend interest rate hikes, thus pushing copper prices higher. Therefore, the price of copper scrap rose rapidly along with the price of copper. The downstream rejected the high price of copper scrap, sometimes leading to no raw material inventory. In terms of metal content, the import volume of copper scrap in October was 124,300 mt.