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Tracy Shuchart, independent trader and strategist, highlights that global copper scrap supplies are facing tightening conditions as Japan, responsible for about 7% of exports, is withholding premium copper scrap for its domestic smelters.
This development is attributed to low treatment and refining charges as well as concentrate market dynamics.
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Shuchart recently noted that Japan’s Idemitsu Kosan purchased 4 million barrels of U.S. crude oil for August delivery. This brought Japan's total U.S. crude oil imports to 12 million barrels. She has also reported that the Saudi wealth fund launched multi-tranche U.S. dollar bonds following the Iran conflict.