Chinese spot price of 1# refined copper (Cu:≥99.95%) fell by Yuan 120/tonne day on day to Yuan 69,590/tonne on January 19, according to Mysteel's assessment.
Specifically, spot prices of 1# refined copper in Shanghai under Mysteel's tracking decreased by Yuan 140/tonne day on day to average at Yuan 69,605/tonne, running in the range of Yuan 69,520-69,690/tonne. Moreover, its discount was flat day on day at Yuan 75/tonne.
As most market participants have begun a holiday, refined copper transactions in China weakened further. Although individual buyers in East China intended to purchase, the inquiry prices were much lower than the spot prices, which were unacceptable to sellers.
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. Delivery is expected to keep weak until Lantern Festival.
Copper scrap trading in China kept poor. Both scrap holders and processing enterprises have begun a holiday and finished pre-stock before Spring Festival.
Written by Ting Ao, aoting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com