China copper scrap views clouded

Dec 15, 2010 | 06:52 AM | Shi Lili

There is a growing sense of restlessness in China's copper scrap market following the recent surge in primary copper prices, leaving players mixed on what direction the market might take in the short term.

Primary metal prices rocketed past $9,000 per tonne Dec. 13 on the London Metal Exchange (AMM, Dec. 14).

Most copper scrap traders holding inventories would like to sell what they have on hand, although there rumors are mounting that red metal prices on the LME could reach more than $10,000 per tonne next year.

"We would prefer to get cash in hand at the moment, which will makes us feel safe, since the current historically high market price truly makes us feel unsafe. But the general market has stayed inactive and trading volumes have remained quite low on the spot market, especially seeing that the year-end is the low consumption season (and) when the cash flow tends to get tight during this period," according to a source in Nanhai, in southern China's Guangdong province.....

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