Firm Copper Scrap Market Price in Tokyo

Copper scrap market price is firm around Tokyo under rebounded international copper ingot price and higher yen rate. Japanese copper smelters’ breakeven point increased to more than 740,000 yen per tonne. The market expects Japanese smelters will increase the official copper ingot price just after the 30,000 yen hike to 720,000 yen. Copper ingot price increased by US$ 189 to US$ 6,000 per tonne at settlement of London Metal Exchange on Monday under lower LME copper inventory and stable stock market. Copper ingot price also increased by 4.30 US cents to 270.10 US cents per pound for 3-month future at New York Mercantile Exchange. NY kerb increased by US$ 102.50 to US$ 5,970-5,985 per tonne. Japanese smelters’ breakeven point increased to near 750,000 yen per tonne including 43,000 yen of premium and charges based on LME price. The smelters could increase the official copper ingot price by 30,000 yen per tonne. Copper scrap market price is still flat at 640-660 yen per kilogram for no.1 copper electric wire scrap and 620-640 yen for new cutting copper scrap around Tokyo.