The trading range of refined copper on September 20 was Yuan 63,200-63,470/tonne, the average price was Yuan 63,335/tonne, down Yuan 165/tonne.
Copper prices maintained the range of volatility, China spot premium continued to fall. The inflow of imported copper into the market today was higher than before. Traders sold aggressively at high prices and the premium was lowered again. Due to the future back maintains a narrow range of Yuan 500/tonne, coupled with the premium is still high, although the processing enterprises have pre-holiday reserve demand, but they are still cautious with appropriate procurement.
Social inventory of refined copper in China remains low, falls again this week after a brief rebound. Before the National Day holiday, demand is still expected to improve, short-term premium is expected to continue to maintain high levels.
Refined copper rod transaction performance was good. The processing enterprises' reserve willingness was promoted, and the market transaction was also in a steady growth. From today's market feedback, some orders exceeded the amount of 1,000 tonnes which were mainly from large terminal enterprises, since pre-holiday reserve sentiment was good. The processing fee was above Yuan 1,200/tonne, and some long-term contract orders still have the price advantage of Yuan 50-100/tonne.
Secondary copper rod prices rose slightly week-on-week. Today, the price spread between manufacturers was not wide, but traders still had a prominent advantage of low-price goods. Some terminal enterprises moderately supplemented the supply of goods, in order to prepare holiday demand, overall transaction was normal.
Copper scrap transaction was light. Copper prices rose slightly. Even there were more inquiries today, but traders remained on the sidelines. Some of the holders have a plan to clear the inventory before the National Day, but most of them keeps waiting for, so that the purchasing sentiment is cautious.Copper scrap processing enterprises gave feedback that supply was sufficient and there're more inquiries, but the price was lower than expectations, less transactions happened.
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