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(AMM) China paying more for US copper scrap
July 04, 2008 - 11:07 GMT
The price of U.S. copper scrap exported to China has risen during the past week on the back of rising primary metal prices, although market participants remain concerned about shrinking Chinese consumption.
Based on quotes from local buyers in Guangzhou, south China,
American birch/cliff delivered to Hong Kong increased to $8,010
a tonne as of July 2, up $200 from a week earlier.
China’s domestic copper scrap prices jumped around
$20 per day in spot markets during the past week in Guangzhou
and Zhejiang on what market participants described as a
slowdown in supplies arriving at local ports. This prompted
buyers to dip into the market to replenish stockpiles, although
domestic consumption continues to shrink, observers said.
Prices also were supported by hefty gains in primary copper
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Euromoney Institutional Investor PLC.
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