Refined Copper Spot Premiums Fall Amid Weak Demand and Funding Pressures

Rising imports and improved supply in some markets slightly increased spot availability for refined copper in China last week, but downstream demand remained weak due to high prices and month-end funding pressures.

The weekly transaction volume decreased by 14.29% or 14,146 tonnes compared with the previous week, reaching 84,828 tonnes, according to Mysteel's survey of 56 Chinese refined copper trading enterprises.

Retail inventory in China rose due to improved supply and weak demand, capping spot premiums. Bonded inventory declined as previously favorable import profits led to customs clearance and imports into the domestic market.