MYMETAL: China Cu prices firm on deeper supply concerns
Jul 06, 2020 17:30
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Chinese copper prices increased to a near 15-month high and hovered there last week, mainly as the market grew concerned about supplies of both refined copper and copper concentrates, given the virus spread in South America, according to Mymetal’s weekly report. The recovery seen in the performance of the economy in China and worldwide also helped prop up prices.
On July 2 China’s national price of 99.99% copper cathode hit a new high since April last year of Yuan 49,493/tonne ($7,018/t), Mymetal’s data showed. The price declined slightly to Yuan 49,326/t the day after on July 3 but still hovered high (being up Yuan 1,145/t from the previous week).