Affected by the Federal Reserve's hawkish speech, copper prices fell but were still at a high level. Sellers of copper scrap sold actively, keeping the supply largely unchanged compared to the previous week. Prices of bare bright copper in Guangdong averaged 62,600 yuan/mt last week, down 733 yuan/mt from the previous week.
The average price spread between copper cathode and copper scrap shrank marginally to 1,991 yuan/mt, boosting copper scrap consumption. However, the press for value added tax payment turned copper anode plate plants and copper rod plants using copper scrap in some regions cautious in production and sales. That reduced demand for copper scrap last week, leaving ample supply in the market.
