China’s imported copper ingot prices fell by $107/mt from a week ago, on a $131/mt drop in three-month LME copper. Demand for copper ingots, however, remained strong ahead of New Year holidays despite increased scrap import quotas issued for the first quarter of the year.

 

The Davis Index for imported copper ingots settled at $5,5873/mt cfr China port Thursday, down from $5,980/mt a week ago. Manufacturers aggressively stocked up copper ingots ahead of new year holidays in the week prior. Bookings, however, lowered marginally this week. 

 

Imported copper scrap prices also dropped on a fall in LME copper. The Davis Index for Berry/Candy settled at $5,954/mt cfr China port, Thursday down by $128/mt, while the Davis Index for Birch/Cliff dropped by $116/mt and settled at $5,402/mt cfr China port, Thursday.

 

Import price of yellow brass dropped by $113/mt cfr China port on a $131/mt drop in LME copper despite a $77/mt increase in three-month LME zinc contracts. Demand from China’s brass mills was weak but its effect on prices was offset by a strong  demand from brass smelters for brass ingots and billets. The index for brass billets settled at $4,163/mt cfr China port, up by $13/mt from a week ago.

 

The official three-month LME copper contract settled at $6,139/mt Wednesday, down from $6,270/mt from the week prior. 

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