Weak Copper Wire Scrap Price in Nagoya

High grade electric wire scrap is flat around 455-465 yen per kilogram for no.1 copper wire scrap around Nagoya. The price is likely to keep firm under tight supply but the price could decrease when copper ingot price would drop more at home and abroad.

Copper ingot price is declining. Copper settlement at London Metal Exchange decreased by US$ 26 to US$ 5,049 per tonne on June 16 from the previous day and the price fell below US$ 5,000 in the afternoon session. Japanese official copper ingot price could decrease due to lower offshore market and higher yen rate while the price was expected to increase as of late last week.

Electric wire scrap transaction remains low while the generation of scrap is at low level when the operation by manufacturing industries rose only slightly. On the other hand, copper products makers plan to increase scrap purchase. The scrap dealer sources said the dealers have to pay higher to secure scrap.