Chinese spot price of 1# refined copper (Cu:≥99.95%) edged down by Yuan 10/tonne day on day to Yuan 67,553/tonne on March 21, according to Mysteel's assessment.
Specifically, spot prices of 1# refined copper in Shanghai under Mysteel's tracking decreased by Yuan 15/tonne day on day to average at Yuan 67,570/tonne, running in the range of Yuan 67,490-67,650/tonne. Moreover, its premium fell by Yuan 55/tonne day on day to Yuan 30/tonne.
Refined copper transactions in China kept flat compared with yesterday. Although the price spread between the April and May contracts of the Shanghai Futures Exchange narrowed to Yuan 140-160/tonne, downstream producers remain cautious about purchasing. Spot holders lowered premiums on the concern of imported copper clearance and transactions between traders dominated the market today.
The trading volume of refined copper rods in China remains light. Transactions in East China reached 400-500 tonnes for medium producers and 800-1,000 tonnes for large enterprises. Deliveries in North China and South China fell to 100-200 tonnes. End users held a wait-and-stance due to the uncertainty of copper prices.
Secondary copper rod transactions in China kept weak. The difficulty in sourcing raw materials depressed the trading volume of secondary copper rods. Transactions in Jiangxi market and North China were 100-200 tonnes.
Scrap transactions in China decreased today. Scrap holders stood aside after yesterday's delivery because most of them still suffered a loss. Processing enterprises held low inventories but purchased in a small volume as price quotations failed to reach sellers' expectations.
Written by Ting Ao, aoting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com