UTC+8 ( BJT)

MYMETAL: China copper price rebounds, spot trades scant

ABSTRACT

As of February 8, China’s national price of 99.99% grade copper cathode rebounded by Yuan 1,584/tonne ($246/t) or 2.7% on week to Yuan 59,316/t including the 13% VAT, despite that spot trading had stalled in the last three working days before the Chinese New Year (CNY) holiday over February 11-17, as market remains optimistic upon the demand for the red metal with the economic recoveries this year, according to Mymetal’s latest weekly report.
As of February 5, spot copper inventories gained 5,500 tonnes on week to about 148,800 tonnes, or a rather low level, which has been supportive to the copper prices. In China, most of the copper smelters have halted production since last week for a longer CNY break, though their sales have

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