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Copper Prices Dropped As Demand In China Was Subdued.
Copper prices saw a decline of -0.62%, settling at 734.7, as demand in China weakened due to a recent restocking surge, leading to a shift from premiums to discounts of 110 yuan per ton.
China’s focus on boosting domestic demand, as outlined in its 14th five-year plan interim report, seeks to expedite economic recovery and ensure stable growth.
The emphasis on restoring and expanding consumption, stabilizing bulk consumption, and promoting service consumption aligns with efforts to revitalize the economy. Notably, China’s top copper smelters revised their first-quarter guidance for copper concentrate processing treatment and refining charges (TC/RCs) lower, citing mine closures and disruptions affecting supply.
