Chinese spot price of 1# refined copper (Cu:≥99.95%) rose by Yuan 920/tonne day on day to Yuan 65,139/tonne on January 6, according to Mysteel's assessment.
Specifically, spot prices of 1# refined copper in Shanghai under Mysteel's tracking increased by Yuan 900/tonne day on day to average at Yuan 65,180/tonne, running in the range of Yuan 65,120-65,240/tonne. Moreover, its premium declined by Yuan 5/tonne day on day to Yuan 60/tonne today.
Refined copper transactions in China turned weak with a sharp increase in copper prices. Downstream producers held a wait-and-see stance and purchased based on order books.
The trading volume of refined copper rods in East China performed worse than yesterday with deliveries of large-scale enterprises falling by 70% day on day. Transactions in South China also decreased to less than 100 tonnes due to copper price hikes and the approaching of the Spring Festival.
Secondary copper rod transactions in China remained sluggish. Some fabricators in East China halted production for a holiday and the trading volume in Jiangxi province remained unchanged at 300 tonnes.
Copper scrap trading in China kept poor. Both scrap holders and processing enterprises have begun a holiday and the whole market turned quiet.
Written by Ting Ao, aoting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com