Copper Scrap Price Drops by 40 yen/kg in Tokyo

Market price of no.1 copper wire scrap decreased by around 40 yen to 765-775 yen per kilogram around Tokyo when the indicative Japanese official copper ingot price decreased by 50,000 yen to 860,000 yen per tonne on Tuesday. The scrap dealers reduced the scrap purchase price with expectation of lower price. The scrap transaction price decreased to less than 800 yen per kg even with large lots though the price was just more than 800 yen on Monday. The most market sources expect the price could decrease more while the price could keep the level if the official copper ingot price would keep the level. Scrap dealers with direct deals with smelters target 770-780 yen per kg as their selling price. The buyers’ offer decreased to as low as 750 yen.