Copper Scrap Market Continues Weak in Tokyo

Copper scrap market continued to decline in Tokyo on Friday. Brass scrap prices downed by around 5 yen per kilogram when Japan official zinc ingot price was revised down by 25,000 yen to 543,000 yen per tonne. Copper scrap is also weakening with concerns that Japan official copper price would be revised down on December 25. Overseas copper markets continued to decline on Thursday and Japanese smelters’ breakeven point with imported copper ore is estimated to be below 800,000 yen per tonne.Japanese official copper price was revised down to 820,000 yen per tonne for domestic shipment in December on Thursday. However, the price is expected to be revised down again on Monday. Scrap dealers are concerned copper scrap market price declines more under the condition. Dealer source said copper scrap spot price is nominally weakening even under the continuously supply tightness. Dealers are carefully watching how the official copper price fluctuates on Monday.Brass scrap market price seems to continue decreasing when Japanese official zinc price was revised down largely on Friday. Brass scrap market price downed by around 10 yen per kg to reflect the decline of the official copper price on Thursday. Scrap users seem to offer even cheaper prices by around 5 yen against dealers.