Cu Scrap Price to Keep Flat in Tokyo

Copper scrap market price is flat around Tokyo. Japanese official copper ingot price could not decrease immediately from 660,000 yen per tonne due to lower yen exchange rate while offshore copper market price slightly decreased. However, the scrap trading is thin when the scrap buyers see the price would not increase.

Copper scrap market price is 580-590 yen per kilogram for No.1 copper wire at the dealers’ purchase price around Tokyo. One dealer sees the price could increase to 600 yen depending on the demand but the source tries to keep the price at maximum 585 yen under slow demand. The price increase is slow when the dealers have overstock of scrap under smaller users’ purchase volume than expected for April-June.

Copper ingot price decreased by US$ 25.50 to US$ 7,775 per tonne at settlement of London Metal Exchange on Tuesday from Monday. Telegraphic transfer selling rate was 80.96 yen per US dollar on Wednesday, which decreased by 0.57 yen from Tuesday. Japanese importers’ breakeven point increased to 660,000-670,000 yen.