By BUUMBA CHIMBULUCHINA’S scrap rebalancing act threatens to derail the recovery of copper prices as the country during the first half of this year is already averaging 137,000 tonnes per month.According to an analysis report, China imported 821,000 tonnes of copper-based scrap in gross weight terms during the first six months, a 390,000 tonnes or 91 percent surge compared with the 431,000 tonnes of imports a year earlier.Surging Chinese scrap copper imports that have doubled in the first half of 2021 are displacing to some extent refined cathode, concentrate, anode and blister imports, with the Roskill report predicting the situation to worsen and potentially cripple the copper price recovery.Copper prices rose to their highest in nearly six weeks on Monday, as investors left a subdued equities market for more attractive assets and as floods in China sparked supply concerns.Three-month copper on the London Metal Exchange increased 1.2 percent to US$9,632 a tonne , after rising […]
CHINA STOCKPILES THREATEN COPPER PRICE SURGE
