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Chinese market importing more copper in 2019 than 2018

The price of copper dipped on Monday despite trade data showing Chinese imports of refined copper rebounding in March while ore and concentrate shipments continue to strengthen.

Copper for delivery in May traded as low as $2.916 per pound ($6,430 a tonne) on the Comex market in New York, down from just shy of the $3.00 mark reached a fortnight ago.

China consumes half the world’s copper, and trade data released over the weekend showed the country’s imports of unwrought copper jumped 26.5% compared to the same month last year at 391kt.

For the first quarter, imports of refined copper are down 4.3% to 1.18mt however. Last year China imported a record 5.3m tonnes of refined copper.

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Metals in meltdown since Summer 2018

bloomberg-copper-zinc-lead-aluminum-nickel-price-dec-18.jpg

After a strong start to 2018 following a 22% rally last year, nickel’s fall has also been swift, with the metal mainly used in steelmaking down 30% from its summer highs. Zinc and lead have reversed most of their 2017 gains while tin is the only base metal with a shot at ending the year in positive territory. The London Metal Exchange index is set to suffer its first down year since 2015.

Copper producers have been the worst hit in the mining sector this year, with US-based Freeport-McMoRan declining 47% from its 2018 peak. Toronto’s First Quantum Minerals is trading 53% below its 52-week high. Peru-focused Southern Copper Corp has dropped 46% since the summer while the decline for London-listed Antofagasta is 36%.

Among the diversifieds, Rio Tinto is also in bear market territory, but BHP has fared better – containing share price decline to 10% compared to the counter’s year high. Like the Anglo-Australian giants, Brazil’s Vale – down 18% from its 2018 high – has benefited from a relatively strong iron ore price, comprising the bulk of earnings for mining’s Big 3.

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Best Kept Secrets of Smart Copper Sellers

scrap copper

Sell Copper solids to the highest price

There are many different grades of copper and they have different prices. The best grade is known as the “M1” or “A1” grade which has a high value of about $7.80 to $8.10 per kg ( Oct, 2018) . M1 grades are clean copper strands that are larger than the pencil lead we use in school. 

Clean up

Always remove any kind of contaminants from your copper like paper, insulation, attachments and any other non copper items.  It may require a work from you but hard work does pay off!  Copper solids that have attachments or are not clean are accepted as well but they are known as 2nd grade copper and have a lower price than the best grade. It is best to check with your scrap vendor the value of both coppers to see if its worth the effort to clean up the copper! 

Strip copper wires

Stripping your copper wires gives you more money! However, it may not always be the case depending on your speed and how efficient are you in stripping down. Sometimes it is better to sell the insulated copper than to strip it. Do not attempt to strip the wires down using your bare hands as it is dangerous.

Separate wires by types

Separating the wires according to their types gives saves the work from the scrap yard and thus, in return you get more money! We have written a blog post on how to separate them. 

Work with someone you trust 

Develop a relationship with a dealer who has a good reputation, is well established in the scrap community, and is the most qualified to process your specific scrap. 

At Sin Hong Poh Metal Trading, we strive to be “The Choice” for your industrial metal scrap and recycling needs. We aim to do this by providing competitive pricing to help our customers increase their bottom line profitability and providing outstanding customer service. 

The value of scrap metal can change daily due to market price fluctuations and you can trust us to always offer you the most competitive price.

Where can I sell copper wires?

Sell Copper Wires

At Sin Hong Poh Metal Trading, we buy in all types of copper wires at high market price! This is becayse we believe in volume trading and long term business relationship with our customers. 

How do I get the most money out of my copper wires?

If you have not read our blog entry on the different types of household wires, we recommend you to do it now ! The number 1 rule in getting more money out of your scrap wires is to learn how to separate them according to their grades. 

Should I remove the insulation ?

Removing the insulation to retrieve the copper must be done with personal safety equipment like hand gloves. If you are able to strip the wires down to the copper, it is definitely going to give you a higher return per kg. 

What kinds of Scrap Wires has more value?

In general, the bigger the copper in ratio to its insulation, the higher the value of the wire. 

Profitable side business

Collecting and recycling scrap wires can be a profitable side business given how much electronic waste there is in Singapore. Furthermore, a recent article by straits times shows that most Singapore are unaware of how to recycle, A short walk around any HDB neighborhood should give you a good chance to salvage a few kilograms of scrap meals and wires.  

For the best price, bring your scrap down to Sin Hong Poh Metal Trading. We offer the most competitive price for all types of scrap metal, wires and others.  Have a question to ask? Leave a comment below or contact us today for more information!

sell scrap wires
sell scrap wires

Commodities: What factors affect the price of copper?

Investors know copper as Dr. Copper due to its ability to predict the economic health of the global economy. Lets dive down to some details to understand what kind of factors affect the price of copper

US Dollar 

The US Dollar is the reserve currency of the world and tend to be the most stable foreign exchange instrument. It is the benchmark pricing mechanism for most commodities. In layman’s term, a decrease in the currency of the US Dollar relative to a commodity’s buyer currency will allow the buyer to spend lesser to buy the same amount of commodity. Therefore, the purchasing power of any buyer due to the fluctuation of the US dollar could play an important factor in driving the supply and demand curve of copper.

Oil Prices

Energy makes up to as much as 50% of the production of metals. When oil prices rise, it cost more to produce copper and the price of it will increase as well.

Demand from China

As one of the largest economies of the world, China is also the global leading consumer of copper. Copper reached to its peak during the 2008 Beijing Olympics at a rate of SGD $13++/kg  as China was importing copper from all over the world to improve its infrastructures and building mega hotels and cities to cater to the tourists.

Mining supply

Chile produces the largest amount of copper through mining. The supply of copper ores, the quality of the ores and the costs of extracting them also have an impact on the copper price. Meanwhile, unforeseen events like worker strikes, earthquakes, bad weather and geopolitical instability can force copper prices upwards.

Reduce usage due to substitution 

Aluminium has been used to replace copper in electrical wiring due to its flexibility, durability and low price. Also, aluminium is used in power cables, electrical types of equipment and refrigerator