Scrap glossary
What is LME (London Metal Exchange)?
The London Metal Exchange (LME) is the main international market where copper, aluminium, lead, zinc, nickel and tin are traded. Its daily prices are the global reference for these metals, so local scrap buyers watch them closely.
LME prices are quoted in US dollars per metric ton for pure metal. Scrap trades at a discount to these prices because it must be sorted, melted and refined.
When the LME copper price rises or the rupee weakens against the dollar, copper scrap rates in Pakistan usually rise too, often within days.
Iron and steel scrap are not priced on the LME in the same way; they follow steel mill demand and imported scrap prices.
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