Weak Copper Scrap Price in Nagoya

The market price of no.1 copper wire scrap is weak at around 720-735 yen per kilogram in Nagoya. Cargo movement is stagnant when copper metal price is likely to decline again. Scrap generation still maintains low and seems not to recover soon. Some scrap dealers around Nagoya will reduce their shipment quota for October-December delivery contracts because they cannot secure enough volume of copper scrap.Overseas copper markets are unstable. On 17 September, copper spot price plunged down to US$ 6,932 per tonne at London Metal Exchange (LME) and US 307.10 cents per pound at New York Commodity Exchange (COMEX), both of which hit the current bottom.Copper metal prices gradually recovered after 17 September. Following the overseas movement, Japanese official copper ingot price was revised up by 30,000 yen to 800,000 yen per tonne on 22 September. However, LME and COMEX copper turned down again on 23 September. Japanese copper smelters’ breakeven point is estimated below 800,000 yen now.