Chinese spot price of 1# refined copper (Cu:≥99.95%) rose by Yuan 50/tonne day on day to Yuan 66,264/tonne on December 8, according to Mysteel's assessment.
By contrast, spot prices of 1# refined copper in Shanghai under Mysteel's tracking decreased by Yuan 30/tonne day on day to average at Yuan 66,215/tonne, running in the range of Yuan
66,130-66,300/tonne. Moreover, its premium plunged by another Yuan 190/tonne day on day to Yuan 35/tonne today.
Refined copper transactions in China remained weak today. Downstream producers were bearish on premiums and held a wait-and-see stance. Coupled with approaching to the end of the year, so, traders had to reduce premiums to meet the need for cash-in.
The trading volume of refined copper rods in China turned to light. Most of the producers in East China transacted 300-400 tonnes and trading for large enterprises fell to 600-800 tonnes. Companies in South China achieved 100 tonnes of transactions.
Secondary copper rod transactions in East and North China remained sluggish. Mysteel learned that one company in East China transacted only one truck today and trading volumes in North China remained at 100 tonnes. Trading in South China performed better than other markets at 300 tonnes as the price spread between refined and secondary expanded in this region.
Copper scrap trading in China kept flat compared with yesterday. With the relaxing of COVID policies, copper scrap supply tightness eased while processing enterprises purchased based on order books. Mysteel learned that companies in North China planned to begin a holiday at the end of December and would restock from late December.
Written by Ting Ao, aoting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com