The copper scrap market continues to maintain its strong trend even after reaching historically high levels. As of the 21st, the price for Barley No.1 COPPER WIRE is at ¥1,600/kg, up by ¥245/kg compared to early April. The combination of thin domestic generation, volatile high prices in the benchmark LME market, and a trend towards yen depreciation has further intensified the atmosphere of a high-priced market. While there are signs of a slowdown in bulk purchases by Chinese buyers leading to some fatigue at high prices, there is also a movement to search for a substantial amount of spot goods due to procurement concerns, keeping the market strong despite reaching uncharted territory. The addition of new uncertainties in the Middle East due to the Iran situation may continue to push LME prices higher, leaving room for further immediate gains in the scrap market.
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