The trading range of refined copper on September 23 was Yuan 62,880-63,050/tonne, the average price was Yuan 62,965/tonne, with a decrease of Yuan 205/tonne.
The Fed's 75 basis point rate hike in September was largely in line with market expectations. At the same time, the Fed has lowered its economic growth forecasts. Local geopolitical crises have intensified. Russian President Vladimir Putin declared the partial mobilization order. Copper prices are supported by the bearish end of all, as well as the tension of the situation.
Near the end of the month, the strength of copper prices boosted the willingness of traders to sell, the spot premium was slightly reduced today. But traders reflected that the market supply was tight, mainly due to the recent supply decrease after the previous centralized customs clearance of imported copper. The National Day holiday is approaching, traders have demand to clear inventory. But some traders believe that the reserve demand before the holiday of processing enterprises will improve transactions, so they are not with strong willingness to cut prices.
Refined copper rod transaction was still good. The reserve sentiment before the holiday is still high, especially the leading terminal enterprises, the market transaction is more concentrated. Today, some enterprises' order volume can still reach the level of 1,000 tonnes. Copper rod enterprises have been arranging the production and delivery of finished products before the festival.
Secondary copper rod transaction performance is still general. The market mainstream quotation is higher, and the buyer can accept limitedly. The transactions mainly focus on the low-price supply. Trading volume is relatively limited, from 10 tonnes to more than 100 tonnes.
Copper scrap overall transaction is light. Traders are generally willing to buy and sell spots. Affected by the news of interest rate hike earlier, some traders chose to clear out to avoid risk, led to the current tight inventory and weaken trading willingness. Although there is a willingness of traders to reserve before National Day, but the actual situation is not ideal due to the scrap processing enterprises' tight raw material supply, operating rate and other factors. So, there're few finished products orders for copper scrap processing enterprises this week.
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