The trading range of refined copper on September 28 was Yuan 61,310-61,500/tonne, the average price was Yuan 61,405/tonne, with a decrease of Yuan 60/tonne.
Copper prices maintained weak volatility today. China refined copper spot premium rose slowly. On the one hand, there were fewer spots in circulation today and the supply was tight. Although some imported copper had been cleared to supplement the market, it was hard to prevent traders' sentiment to rise premiums. On the other hand, the continuation of pre-holiday reserve demand, coupled with the recent drop in copper prices, made the trading atmosphere active. Active purchasing by processing companies has boosted traders' confidence and pushed up premiums. The future back narrowed slightly but remained high level. However, the premium continued to rise, reflecting the current market for tighter supply concerns. Overall, the strong premium will be loosened by the completion of reserves and the gradual transition of traders into holiday mode.
Refined copper rod transaction continued to decline. The terminal enterprise procurement enthusiasm was not high, resulting in continued light in transactions. Most companies have completed the pre-holiday reserves, so today's trading enthusiasm was not high. At the same time, some copper rod processing enterprises after receiving sufficient orders, stopped to receive orders, mainly to arrange holiday delivery. Some enterprises still continued to receive orders in the volume of 300 to 400 tonnes today.
Secondary copper rod transaction performance was general. Some terminal enterprises moderately purchased low-price spots. But the quantity this kind of order was generally small, about 100 tonnes. Recently, the buyer basically only favored the low-price spot, and the transaction quantity was limited.
Copper scrap transaction was quiet. Processing enterprises have more wait-and-see attitude with rising risk aversion before the holiday. Most of the traders have completed the delivery of short orders, with light positions waiting for the holiday. Nearing the end of pre-holiday reserves, the purchasing willingness at high premium of end-user enterprises was weak.
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