The trading range of refined copper on September 15 was Yuan 63,200~63,370/tonne, the average price was Yuan 63,285/tonne, up Yuan 140/tonne.
Copper prices fluctuated higher. Today is the prompt day of Cu2209 contract, Shanghai market is quoted prices by Cu2210 contracts. The back fluctuates wildly around Yuan 600~800/tonne. Imports were temporarily suspended because of the typhoon. With the supply reduced, most traders temporarily chose to wait and see, waiting for the end of the prompt day, today's trading willingness decreased significantly. Processing enterprises increasingly worried about the fall in copper prices, have cautiously maintained purchases on demand. The quotation for Cu2210 was stable today, therefore the premium is expected to remain high level tomorrow.
Refined copper rod transaction was more depressed. Most of traders' feedback terminal's willingness to purchase was cold. Today long order delivery was normal, but the bulk cargo trade not smooth. Only a few orders, less than 100 tonnes, have been completed.
Secondary copper rod offers rose slightly. However, according to the feedback from market participants, the transaction was more difficult. Only a few offers below the market price have been settled. It is expected that the market price still has room for reduction.
Copper scrap transaction was quiet. Copper prices rose slightly, copper scrap premium was firm. Traders were active in inquiry and procurement today. Some traders purchased in large quantities at prices higher than the market to supplement the earlier short orders. Raw material inventories of processing enterprises were still tight, and sales of finished products were limited. Although manufacturers have been willing to purchase, but due to the high spot price, most of them only purchased on demand.
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