China Scrap Copper Prices Apr 30

on April 30th, 2010 at 8:03 am

LME copper futures entended losses and closed at $7,395 yesterday, down $70.2 as investors were still worried about the demand outlook while the warehouse stocks reduced 1,475 tons, bringing the total levels of 502,550 tons. SHFE copper opened higher today, but later declined and ran into fluctuation. Contract 1008 ended at 58,740RMB/T, with loses of 180RMB/T. Range ran from 58,180RMB/T to 59,370RMB/T and position incresed more than 1,018 hands, with trade volume of 405,156 hands. The price in spot market: Changjiang #1 copper cathode 58,600-58,700RMB/T, up 120RMB/T; Shanghai #1 copper 58,350-58,700RMB/T, dow n40RMB/T; Guangdong South Reserve #1 copper cathode 58,300-58,500RMB/T, down 200RMB/T. In domestic scrap market, the price shows signs of rising after yesterday fall, but the market was not bright as bearish sentiment lingered on. Supplier were active to ship the goods when they considered the price was reasonable. The latest price: #1 bare bright 54,500RMB/T.

(1RMB=0.1465USD)  source www.worldscrap.com