Chinese appetite for No. 2 copper scrap grows
Jun 14, 2011 | 12:23 PM
| Meredith Mazzilli
NEW YORK Chinas demand for certain grades of U.S. copper scrap is expected to continue rising after four months of solid gains since the start of the year, domestic market participants said.
Chinese intake of No. 2 copper scrap from U.S. suppliers has increased steadily this year, growing to 18,717 short tons in April, according to the most recent U.S. Commerce Department data, up 2.6 percent from 18,235 tons the previous month and 28.4 percent higher than Januarys 14,582 tons.
High copper cathode prices and an unfavorable arbitrage between the Shanghai Futures Exchange and overseas markets has slowed Chinas cathode buying. Copper cathode is still historically expensive, averaging around $4.28 per pound since the beginning of the year, but falling terminal market prices from an all-time high of some $4.60 per pound in mid-February has encouraged an increase in scrap buying. ....
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