Copper Scrap Market Price Keeps Flat

Copper scrap market price maintained flat around Tokyo on Tuesday. Scrap dealers are confused with slight fluctuation of overseas copper prices, the indicator for domestic copper scrap market. Many scrap dealers expected steady copper market when copper ingot price widely fluctuated. However, some dealers now point out slight fluctuation of copper ingot impacts the shipment of copper scrap.Japanese domestic official price for copper ingot was set unchanged at 980,000 yen per tonne for 8 business days since June 15. Copper scrap market price keeps flat at 860-870 yen per kilogram for no.1 copper wire scrap, 840-850 yen per kg for new cutting oxygen-free copper scrap, 700-710 yen per kg for new cutting separated brass scrap and 670-680 yen per kg for brass turning scrap at dealers’ purchasing price.Copper metal inventory held by London Metal Exchange maintains below 120,000 tonnes, along which domestic copper scrap market keeps steady tone. LME copper inventory increased by more than 1,000 tonnes on Friday and Monday. Some dealers are concerned the scrap market might turn to downtrend if the inventory continues increasing.Some dealers said copper metal price is too high and copper scrap demand might not recover as long as the copper metal price stays high. They aim the demand recovery and better cargo movement even though copper scrap market price downs, provided that copper metal price doesn’t drop down.