Secondary copper marks price gains as yards' stocks depleted

Nov 21, 2005 | 09:28 AM | Sean Barry

Copper scrap prices continue to climb as the material stream dries up following a slowdown in manufacturing industries while overseas demand remains firm.

The high price of primary copper on the major exchanges has encouraged merchants to clear scrapyards of metal, traders said, and stocks are now completely depleted.

"The metal is simply no longer there and yards have swept everything out because no one expected these prices to hold," one trader said. "Mills are willing to pay over the asking prices, but it doesn't matter because we can't get the material. Manufacturing has suffered a downturn....

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