Copper scrap market conditions, which had been in an adjustment phase due to a sense of caution about high prices, have begun once again to test higher levels. As of the 4th, the main scrap grade No.1 bare bright copper wire recorded a first-ever major milestone at 2,015 yen per kilogram, standing 135 yen higher compared with the recent low in mid-February. Trading itself is still rather sluggish overall, but procurement for long-term contracts for April–June has begun moving in some areas, which has created a change in the market tide. However, as near-term focal points, new factors have also emerged, including export trends to China after the Lunar New Year holidays and the intensification of tensions in the Middle East. Reflecting this, the LME benchmark price on the 3rd (spot) fell sharply to $12,820 per ton, down $410 from the previous day. This revealed a risk-off trend, and the domestic copper benchmark price on the 4th fell by 40 yen per kilogram from the previous day, increasing the possibility of short-term downward pressure.
This article is for members only. You can read the full content after your subscription is confirmed.
