Chinese spot price of 1# refined copper (Cu:≥99.95%) fell by Yuan 493/tonnes day on day to Yuan 68,999/tonne on February 2, according to Mysteel's assessment.
Specifically, spot prices of 1# refined copper in Shanghai under Mysteel's tracking decreased by Yuan 490/tonne day on day to average at Yuan 69,050/tonne, running in the range of Yuan 68,960-69,120/tonne. Moreover, its discount expanded by Yuan 5 day on day to Yuan 50/tonne today.
Refined copper transactions in China were various in different regions. Deliveries between traders dominated the market in East China while the downstream purchase was limited. The trading volume in South China turned active today as demand improved. However, the North China market remained quiet because some fabricators haven't restarted production.
The trading volume of refined copper rods in China increased today. With the retreatment in copper prices, end users began to purchase and volumes reached 200-300 tonnes in East China and above 300 tonnes in South China.
Secondary copper rod transactions in China kept improving. Goods with low processing fees were cleared up in the morning, however, the trading atmosphere cooled down when prices rebounded in the afternoon.
Both copper scrap holders and processing enterprises were preparing to restart business and production. The trading volume is expected to recover after Lantern Festival (February 5).
Written by Ting Ao, aoting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com