MYMETAL: China’s copper prices stable, stocks up further

Improved market sentiment thanks to positive news about China’s macro economy stimulated domestic copper prices to rise during the earlier part of last week. However, the diffusion of novel coronavirus disease (COVID-19) in overseas markets and the panic sentiment sparked by the interest rate reduction in the US reversed prices down, according to the weekly report from Mymetal, Mysteel’s arm of nonferrous data collection.

Mymetal’s national average price for 99.99% copper cathode inched up Yuan 20/tonne ($2.9/t) on week to reach Yuan 44,752/t including the 13% VAT as of March 6, with the highest price within last week being Yuan 45,334/t on March 3, Mymetal’s data showed. “The central government and local authorities of