There was a surge in buying activity in the Chinese copper scrap market in the second half of October after the release of a long-awaited announcement that the purchase of high-purity scrap will be permitted as a recyclable copper material from next month.
"Everyone has returned to the market to buy [non-ferrous scrap] since the announcement," a trader source said.Earlier in the month, cargoes from Australia, Asia and the United States were at around 88% of the London Metal...