China’s Traders Are Hoarding Scrap Copper as Rally Powers On

Premium paid for refined metal dropped as scrap prices climbed
Traders are holding on to scrap, betting on further gains

Scrap copper recycling in Shanghai, China
Photographer: Kevin Lee/Bloomberg

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By Bloomberg News

February 25, 2021 at 9:21 AM UTC

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The supply tightness that has helped fuel copper’s epic rally is showing signs of spilling over to the Chinese scrap market, with traders hoarding the metal on bets on further price gains.