China Shifts Copper Sales to Domestic Market

Reuters reported today that China is scaling down refined copper exports in favour of selling the red metal on the domestic market, due to rising domestic prices. According to Reuters, the change could contribute to a global deficit of refined copper.

As quoted in the publication:

Reflecting the easier availability, premiums copper buyers in China pay on top of the Shanghai Futures Exchange front-month contract to secure physical metal have halved to around 500-600 yuan ($80.28-$96.34) per tonne this week from more than 1,000 yuan in April, traders and sources at smelters said.

Click here to read the full Reuters article.