SHANGHAI, Feb. 28 (SMM) – According to the latest SMM survey, 76% of copper smelters are upbeat about copper prices for the foreseeable future, pointing to favorable economic data from China, Europe and the US. In this context, these smelters increased copper stocks.

The SMM survey showed that copper stocks at Chinese copper smelters rose to 4.4 days in January, up slightly from 4.1 days in December.

On February 26, #1 refined copper prices edged higher, and Shanghai spot copper discounts were quoted between RMB 80-220/mt. Traded prices for standard-quality copper were RMB 56,870-56,970/mt, and RMB 56,950-57,070/mt for high-quality copper. 

Other base metals trended down, with nickel staging particularly weak performance.

Jinchuan Group slashed ex-works prices for refined nickel (large plate) by RMB 8,000/mt to RMB 118,000/mt, the same action for the third time following the Chinese New Year holiday.

Aluminum prices also continued the losing streak, with traded prices on Shanghai spot aluminum market reported between RMB 14,480-14,510/mt. Shanghai spot aluminum discounts were RMB 130-160/mt, but overall market trading sentiment improved marginally.