The trading range of refined copper on September 27 was Yuan 61,330-61,600/tonne, the average price was Yuan 61,465/tonne, with a decrease of Yuan 170/tonne.
The US dollar index remained high, which put significant pressure on copper prices. Copper prices fluctuated lower again today. Overall transaction price range continued to decline compared to the last trading day.
At present, copper spot supply is gradually easing, and imported copper supply also increases. Considering the approaching 7-day long holiday, some imported copper traders accelerated the bonded area spot customs clearance. China's social inventories remain low recently.
Although the front-month contract price spread remained a big back, but it was difficult to suppress traders' willingness to maintain high premium prices. Today, processing enterprises continued to take advantage of the low prices for procurement. But the reserves of some enterprise had been basically completed, their trading enthusiasm weakened. To sum up, the trading volume remained at the same level as yesterday.
Refined copper rod transaction performance slightly decreased. After the recent more obvious trading boom, the market demand fell, and most processing enterprises orders began to decline. The trading volume of most manufacturers today was only 400-500 tonnes. Some manufacturers were also shipping the orders from a few days before. Some terminal enterprises began to inquire for the long-term contract orders which will be delivered after the holiday.
Secondary copper rod transaction performance was not ideal. The price spread of different shippers was large. High-priced spots were less sought after. From the transaction performance, some enterprises only completed the transaction of about 100 tonnes, and the transaction premium was slightly lower than the mainstream market offer.
Copper scrap transaction was quiet. Some traders actively offered today, purchased spot with high price to deliver their short positions, which made the market quotation fluctuate greatly. Most market participants were not optimistic about the copper scrap price. Some traders took advantage of the recent high prices to clear up inventories and eased the pressure. Some processing enterprises had the pressure of long orders delivery, coupled with the approaching National Day, its reserve willingness was stronger.
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