Copper Scrap Market Price Keeps Flat around Tokyo

Copper scrap market price kept flat around Tokyo on Wednesday when Japanese official copper ingot price was set unchanged at 940,000 yen per tonne. The official ingot price was expected to be raised by 20,000-30,000 yen as of Tuesday. However, most scrap dealers kept their scrap purchasing prices unchanged with concerns that official ingot price might drop down soon. Scrap dealers are consciously watching overseas copper markets and set scrap purchasing price along the latest indicator at 940,000 yen per tonne.The market price is 845-855 yen per kilogram for no.1 copper wire scrap, 820-840 yen per kg for new cutting high grade copper scrap, 740-750 yen per kg for middle grade and 680-690 yen per kg for low grade. As to copper alloy scrap, the market price is 615-625 yen per kg for new cutting brass scrap without pressing, 555-565 yen per kg for brass turning scrap, 635-645 yen per kg for bronze casting scrap and 810-820 yen per kg for new cutting phosphor bronze scrap.Copper spot price at London Metal Exchange downed by US$ 58 to US$ 8,682 per tonne at settlement on 8 April from the previous day, which represented day-to-day decline for the first time within April. Copper spot price at New York Commodity Exchange was US 390.90 cents per pound on 8 April, down by US 8.55 cents from the previous day.COMEX copper spot price failed to hit US$ 4 again after the previous challenge and fail at the beginning of this month, which exceeded US$ 4 in May 2006. COMEX copper price might drop down with profit taking selling. On the other hand, LME copper inventory represented decrease by 1,100 tonnes for the first time in late 5 trading days. Japanese copper dealer source showed expectation that COMEX copper could exceed US$ 4 again.