The copper spot premium in top consumer China could stay elevated in the next few months, analysts and traders said on Friday, as demand for the metal has improved on the back of government stimulus.
The spot premium for refined copper was at 605 yuan a tonne on Thursday, up from 50 yuan a tonne at the end of last year. Earlier this month, it hit 825 yuan, the highest since November 2021.
Average utilisation rates at copper wire-rod mills in China rose to 70% currently, from 62% at the beginning of August, and the rate at copper tube plants rose to 67% from 64% during the same period, he added. Solid demand for copper from the infrastructure sector and tight supply in China is seen helping spot premium to stay elevated in the next few months
Stockpile in ShFE and the London Metal Exchange warehouses together were 171,797 tonnes, equivalent to just 2.5 days of global consumption.
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