Chinese spot price of 1# refined copper (Cu:≥99.95%) edged up by Yuan 8/tonne day on day to Yuan 69,570/tonne on March 31, according to Mysteel's assessment.
Specifically, spot prices of 1# refined copper in Shanghai under Mysteel's tracking increased by Yuan 60/tonne day on day to average at Yuan 69,660/tonne, running in the range of Yuan 69,610-69,710/tonne. Moreover, its premium rose by Yuan 20/tonne day on day to Yuan 50/tonne.
Refined copper transactions in China kept modest today with a small increase in copper prices. As social inventory kept declining, traders lifted up spot premiums. Meanwhile, downstream producers restocked for the weekend. Most manufacturers held a wait-and-see stance currently due to high copper prices.
The trading volume of refined copper rods in China remains weak. Transactions in East China fell to 100-200 tonnes for medium producers and 1,000 tonnes for large enterprises. Delivery in South China reached 200-300 tonnes. Producers in North China reflected that demand improved slowly and the inventory of finished products accumulated to a high level.
Secondary copper rod transactions in China kept light. On the one hand, the price advantage of secondary copper rods narrowed, on the other hand, difficulty in sourcing raw materials depressed transactions. Delivery in Jiangxi and Guangdong provinces fell to 100 tonnes and 200 tonnes, respectively.
Scrap transactions in China kept flat compared with yesterday. Scrap holders were reluctant to deliver due to limited profit at the current price. Processing enterprises in East China and South China purchased based on order books while companies in North China reduced operating rates, which restrained enthusiasm for replenishment.
Written by Ting Ao, aoting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com