Copper Scrap Price Gets Weak in Tokyo

Copper scrap market price turned into weak around Tokyo due to drop of international copper price. The scrap dealers reduce the purchase price from the market when Japanese official copper ingot price could decrease by more than 20,000 yen per tonne under current international market.

Copper scrap dealers reduced the scrap purchase price to 430-440 yen per kilogram for no.1 copper wire scrap around Tokyo while they cannot secure large lot of scrap at the price level when Chinese offer is much higher than that level. However, some traders recognize Chinese appetite slows recently. Japanese scrap industry gets cautious potential lower demand from China.

Domestic copper scrap demand is still slow when major brass bar makers reduce the scrap purchase volume. Local brass turning scrap price is weak when the buyers try to see the market trend while the scrap price was around 300 yen per kg on Monday.

Copper price decreased by US$ 89 to US$ 4,636 per tonne at settlement of London Metal Exchange on Monday from Friday due to higher dollar rate against euro. The price decreased to US$ 4,580 at the sell price in the afternoon session. Copper price also dropped by 8.30 US cents to 212.85 US cents per pound at New York Mercantile Exchange on Monday while New York kerb decreased to US$ 4,570-4,580 per tonne level. Under lower yen rate, Japanese official copper price is expected to decrease to less than 500,000 yen per tonne.