SMM

Supplies of copper scrap increased last week as sellers sold aggressively motivated by higher copper prices. In the meantime, copper rod plants using copper scrap have cut output over the past three weeks against poor end-user demand, leading to lower operating rates. This tightened supply in the market, keeping prices of copper rod produced with copper scrap firm. In this scenario, some copper rod plants, who planned to lift output this week, restocked inventories actively.