Ex-China Copper Scrap Payable Rates Remain Stable Amid Sluggish Market

Copper prices drifted higher on the London Metal Exchange (LME) this week, reaching $13,637.5/mt by Monday.

Despite the increase in copper prices, the overall payable indicator for ex-China copper scrap did not pull back significantly, remaining within a range of 98.5%-99% for bare bright copper and edged down by an average of about 0.2 percentage points for No.1 and No.2 copper.

The stronger copper prices boosted ex-China suppliers' willingness to sell, but the market atmosphere remained sluggish due to high copper prices and a traditional consumption off-season.

Tight supply and spot premiums for copper cathode fueled relatively strong demand for bare bright copper, which retained some upside support despite rising copper prices.