Chinese spot price of 1# refined copper (Cu:≥99.95%) rose by Yuan 514/tonne day on day to Yuan 66,618/tonne on December 14, according to Mysteel's assessment.
Specifically, spot prices of 1# refined copper in Shanghai under Mysteel's tracking increased by Yuan 530/tonne day on day to average at Yuan 66,685/tonne, running in the range of Yuan
66,550-66,740/tonne. Moreover, its premium fell by Yuan 15/tonne day on day to Yuan 30/tonne today.
Refined copper transactions in East China remained weak today. As copper prices rebounded on the news of lower US CPI data, traders reduced premiums, however, downstream producers still held a wait-and-see stance, and transactions between traders dominated the market.
The trading volume of refined copper rods in China turned to light. Most of the producers in East China transacted 200-300 tonnes while trading for large enterprises fell to 500-600 tonnes compared with 1,000 tonnes yesterday. The rise of copper prices depressed the purchasing willingness of end users.
Secondary copper rod transactions in China kept weak. Mysteel learned that one producer in East China only delivered one truck and companies in North China transacted a limited volume today. Demand kept sluggish as the price spread between refined and secondary copper rods remained narrow.
Copper scrap trading in East China remained limited but transactions in South China improved today. Scrap holders in South China actively delivered as copper prices rose, but some traders in East China halted trading due to the pandemic, resulting in a tight supply of copper scrap.
Written by Ting Ao, aoting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com