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Reuters reported today that domestic physical copper traded at a 1,570 yuan premium or $250 on China’s local market, the highest in three years. The price rise was due to a tightened domestic copper supply following a sell off of copper stocks in March, according to Reuters.
Reuters reported today that domestic physical copper traded at a 1,570 yuan premium or $250 on China’s local market, the highest in three years. The price rise is due to a tightened domestic copper supply following a sell off of copper stocks in March, according to Reuters.
As quoted in the publication:
Soaring premiums – the price paid on top of local cash futures prices to obtain metal – have surprised some given sluggish factory growth in the world’s top consumer, suggesting that Chinese demand in some sectors may be holding up better than broader data suggests.