Japanese Copper Scrap Market Price Slightly Weakens

Japanese copper scrap market price slightly weakened on Friday when offshore electrolytic copper price decreaseed and yen exchange rate strengthened against US dollar. Nippon Mining & Metals’ electrolytic copper selling price, the domestic market indicator, was estimated to lower by 20,000-30,000 yen per tonne as of Friday though the price was just revised up by 20,000 yen to 650,000 yen per tonne on Thursday. Copper scrap market price kept basically strong tone due to low scrap generation. Meanwhile, some scrap dealers those who finished procurement for June delivery decreased their purchasing price slightly.

Copper spot price at London Metal Exchange was pulled down by profit-taking selling on June 17 after which kept upward trend for June 7-15. At the same time, yen exchange rate strengthened. Domestic copper smelters’ breakeven point was estimated to lower to 625,000-630,000 yen per tonne as of Friday.

Copper scrap dealers are concerned about continuously scarce scrap generation while many dealers finished scrap procurement for June delivery quota. The dealers’ offer price for no.1 copper wire scrap lowered to below 580 yen per kilogram on Friday from 580-590 yen on the previous day around Tokyo.

Copper scrap market also weakened in Osaka. Scrap dealers’ purchasing price for no.1 copper wire scrap decreased to around 575 yen per kg on Friday from around 590 yen on the previous day. One dealer said they were unwilling to pay 600 yen even if they were necessary to secure the volume. Several dealers commented their offer price also lowered by 10 yen or more for other items such as oxygen free copper scrap and middle grade copper scrap.