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MUMBAI, 2 Dec (Commoditiescontrol): Shanghai's spot copper premiums surged from parity to over 50 yuan/mt as November ended, driven by tight supply and shifting trade dynamics. Declining arrivals of imported cargoes reduced domestic shipments to warehouses, and a significant drop in Shanghai inventories—down 22,700 mt from November 21, according to SMM—created a supply crunch.
The Shanghai-Guangdong price gap, nearing 300 yuan/mt, prompted supply transfers to South China, further tightening availability in Shanghai. Meanwhile, halted purchases of US secondary copper materials over tariff concerns compounded domestic supply constraints, narrowing the price gap between copper cathode and scrap and driving stronger cathode demand.
Despite a slight dip in copper rod production, earlier robust schedules ensured steady operations, and copper scrap shortages bolstered reliance on cathode, keeping prices firm. These developments highlight persistent tightness in China's copper market, influencing global sentiment and trade flows.
(By Commoditiescontrol Bureau; +91 98201 30172)
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