Chinese spot price of 1# refined copper (Cu:≥99.95%) jumped by Yuan 1,332/tonne day on day to Yuan 69,710/tonne on January 18, according to Mysteel's assessment.
Specifically, spot prices of 1# refined copper in Shanghai under Mysteel's tracking increased by Yuan 1,280/tonne day on day to average at Yuan 69,745/tonne, running in the range of Yuan 69,660-69,830/tonne. Moreover, its discount expanded by Yuan 20/tonne day on day to Yuan 75/tonne today.
Refined copper transactions in China weakened further as most market participants have begun a holiday. Besides, another jump in copper prices froze the inquiries of downstream producers.
The trading volume of both refined copper rods and secondary copper rods in China kept sluggish. Delivery almost fell to zero and most producers have halted production.
Copper scrap trading in China kept poor. Both scrap holders and processing enterprises have begun a holiday and pre-stock before Spring Festival has finished.
Written by Ting Ao, aoting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com