Chinese spot price of 1# refined copper (Cu:≥99.95%) fell by Yuan 183/tonne day on day to Yuan 65,220/tonne on November 30, according to Mysteel's assessment.
Specifically, spot prices of 1# refined copper in Shanghai under Mysteel's tracking decreased by Yuan 135/tonne day on day to average at Yuan 65,310/tonne, running in the range of Yuan 65,240-65,380/tonne. Moreover, its premium edged down by Yuan 5/tonne day on day to Yuan 360/tonne today.
Refined copper transactions in Shanghai, Guangdong, Chongqing, and Tianjin regions all performed weakly. Especially in Guangdong market, the operating rates of downstream producers were significantly impacted by the pandemic. Although the spot premium there adjusted down by Yuan 30/tonne, transactions were light.
The trading volume of refined copper rods in China kept sluggish today. Most of the producers in East China transacted one hundred tonnes. Spot quotations there were mixed with an extreme price spread of Yuan 350/tonne. The processing fee in South China fell by Yuan 100/tonne day on day to Yuan 600/tonne as traders need to return funds at the end of the month, however, transactions reached at most 100 tonnes.
Copper scrap transactions in South China remained poor. Scrap holders intended to deliver as many as they could due to the concern of capital tightness at the end of the year and the epidemic impacts. Processing enterprises held a wait-and-see stance and purchased based on demand. The pandemic in South China depressed the confidence of producers there.
Written by Ting Ao, aoting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com