China spot copper is quoted between RMB 55,700 to RMB 55,900 per tonne, down 300 RMB per tonne, with tradings from RMB 250 to RMB 370 per tonme backwardation.
A trader told SHMET that “Gui Xi copper was quoted at RMB 370 per tonne backwardation this morning. Purchases from downstream are only made on need basis and the will to purchase is not high. The unstable copper prices in the short run make most sellers take extra precautions in product deliveries. Our sales is around 700 tonnes today, and most on the market are taking a wait and see approach at the moment.”
Another trader told SHMET that “SHFE copper drifted down this morning. Those at downstream worry about the trends of copper prices and tend to hold back in terms of purchases. Not much products deliveries were made in the morning and the higher-graded copper stayed around RMB 350 per tonne backwardation. Demands from downstream are limited, and there is an attitude of wait and see. Some hold a bearish view on the market for the short run." Edited by SHMET