Higher Ingot Price Tight Supply to Lift Cu Scrap Price in Tokyo

Japanese copper scrap market price is flat in Tokyo and Osaka while the price shows sign to increase in Tokyo. Japanese official copper ingot price is expected to increase by around 10,000 yen from current 780,000 yen per tonne due to higher offshore market. The scrap dealers offer higher price to secure the materials but the scrap transaction is still thin.

No.1 copper wire scrap market price is 695-710 yen per kilogram around Tokyo and 685-710 yen around Osaka. A scrap dealer around Tokyo said the dealers cannot secure the scrap with profitable price level.

New cutting brass scrap price is 500-510 yen per kg around Tokyo and 495-510 yen around Osaka. A dealer in Tokyo said the supply is near normal from appliances makers while the scrap supply is very low from automobile plants. Brass turning scrap price is around 480 yen around Tokyo under tight supply. A dealer in Tokyo said the supply is almost nothing even with higher offer price.

Copper ingot market price decreased by US$ 24 to US$ 8,982 per tonne at settlement of London Metal Exchange on Friday from Thursday. However, the price reached near US$ 9,100 in the afternoon session. The price increased by 7.20 US cents to 411.90 US cents per pound at COMEX division of New York Mercantile Exchange on Friday from Thursday. NY kerb increased to US$ 9,071-9,072 per tonne, which increased by US$ 122 from previous day. Telegraphic transfer selling rate decreased by 0.09 yen to 82.86 yen per US dollar on Monday from Friday.