With copper, lead, zinc and aluminium all hitting fresh lows on the London Metal Exchange (LME), it came as no surprise that the current market conditions were described as “poor”.
£50 - scrap copper price fall across most grades
The impact of these falls on most of the non-ferrous scrap prices was sharp. Merchants reported that it was increasingly difficult to make decent sales and traders were encouraged to take a bigger margin, in case it fell further.
As MRW went to press, scrap copper prices were off this week by £50 a tonne across most grades. Aluminium scrap also posted similar falls of £25-£50 a tonne, although merchants suspected that prices may fall further because the LME price has already hit a two-year low. Lead scrap fell a further £25 per tonne, while the 99% tin price was down £610 to £10,440 per tonne.
Nickel’s fortunes did not fare much better, with pure nickel and cupronickel grades posting the strongest falls. Pure nickel was down an average £200 to £7,000 per tonne, with 70/30 and 90/10 topping out at £3,460 and £3,280 per tonne, respectively.
Any gains among precious metals last week were reversed this week as market confidence waned. A fall of 0.95p per gramme brought platinum down to near-January levels of £329.54 per gramme. Fine gold lost 0.71p per gramme, down to £32.46 per gramme, and palladium also fell close to last December’s ranges, down to £12.41p per gramme.