China’s supplies of copper scrap said running down
Dec 01, 2010 | 11:41 AM
| Shi Lili
Demand for copper scrap remains firm in China, tightening supplies on the ground and narrowing spreads with the Shanghai Futures Exchange (SHFE), market participants said.
Yards have been buying in the domestic market because high prices on the London Metal Exchange and Comex make it uneconomical to import scrap.
"Although the copper price jumped to a historical high of almost $9,000 per tonne in the middle of last month, we truly found it difficult for Chinese buyers to quote copper scrap at the same rate. So it is totally understandable that foreign suppliers chose to sell their commodities locally in their own countries, since we could not provide a competitive price," according to one Nanhai, Guangdong province-based copper scrap buyer mainly focused on No. 1 and No. 2 copper.....
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