Chinese spot price of 1# refined copper (Cu:≥99.95%) fell by Yuan 804/tonne day on day to Yuan 68,768/tonne on March 8, according to Mysteel's assessment.
Specifically, spot prices of 1# refined copper in Shanghai under Mysteel's tracking decreased by Yuan 780/tonne day on day to average at Yuan 68,850/tonne, running in the range of Yuan 68,800-68,900/tonne. Moreover, its premium rose by Yuan 15/tonne day on day to Yuan 45/tonne.
Refined copper transactions in East China kept improving today. The retreat of copper prices stimulated downstream procurements and led to a consecutive increase in spot premiums. The import loss narrowed to Yuan 500/tonne today and imported copper may enter the domestic market soon. By contrast, the trading volume in North and South China kept weak.
The trading volume of refined copper rods in China increased significantly with a volume of 700-1,000 tonnes in East China and 300-1,000 tonnes in South China. Cable and wire demand was boosted by the decline in copper prices.
Secondary copper rod transactions in China slightly decreased as the price advantage of secondary rods was fading. The trading volume in Jiangxi and Guangdong markets fell to 300 tonnes and delivery in North China decreased to 5 trucks.
Scrap transactions in China declined today. Scrap holders turned reluctant to deliver with the retreat of copper prices. Meanwhile, downstream producers intended to lower procurement prices, which was unaccepted by scrap holders. Thus, the trading volume was limited.
Written by Ting Ao, aoting@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com