Copper Scrap Price Weakening in Nagoya

The market price of no.1 copper wire scrap is weakening to around 680-685 yen per kilogram in Nagoya.Japanese official copper ingot price was largely revised down by 70,000 yen to 750,000 yen per tonne on January 4 from the end of December, which is the indicator for copper scrap market prices. The official price was set unchanged by January 10, which seems decreasing by 30,000 yen more due to continuous decline of overseas copper markets by January 8.Under the situation, the market price of high grade copper scrap is decreasing by around 70 yen per kg from the end of December. Scrap arrival maintains low at dealers’ sites. Scrap users are reducing purchasing volume with expectation the copper price could continue to decline. Copper scrap trading is totally inactive as a result.Japanese official copper price seems to decrease more, though overseas copper markets show recovering mood. Market dealers expect copper scrap price would down more.