Pan Gongsheng, Governor of the People's Bank of China, stated, "After the implementation of the RRR cuts, the average reserve requirement ratio (RRR) for the banking sector is approximately 6.6%. This level still leaves some room compared to the central banks of major economies internationally." LME copper weakened intraday, briefly hovering below $9,000/mt in the morning session before declining in the afternoon to around $8,950/mt.

[SMM BC Copper Commentary: Copper Prices Fluctuate Rangebound, BC Copper Most-Traded Contract Closed Slightly Lower] SMM, December 30: Today, the most-traded BC copper 2502 futures contract opened at 65,790 yuan/mt, closed with a positive candlestick intraday, with the 5-day and 10-day moving averages crossing the candlestick body...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Dec 25, 2024

[SMM Weekly Data on Copper Inventories in Major Regions] As of Monday, December 30, copper inventories in major regions across China tracked by SMM increased by 7,700 mt from last Thursday to 113,100 mt. Total inventories were 41,500 mt higher YoY (71,600 mt), with Shanghai up by 26,600 mt YoY, Guangdong down by 4,200 mt YoY, and Jiangsu up by 18,500 mt YoY.

【Downstream of Copper Enamelled Wire—Handheld Power Tools Export Volume Hit a Record High in November】According to customs data, in November, China's power tool export volume reached 35.4094 million units, up 10.2% MoM and up 41.7% YoY. From January to November, the cumulative export volume was 332.9289 million units, up 28.45% YoY. (HS codes: 84672100, 84672990, 84672290, 84672920, 84672910)

[SMM Analysis: Will There Be Changes in Copper-Related Products as China Adjusts Import and Export Tariffs on Certain Goods Starting in 2025?] According to SMM, among the copper-related products affected by import and export tariffs in 2025, there are two changes in the product names corresponding to the tariff codes, namely...

[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a discount of 80-50 yuan/mt against the front-month contract, while high-quality copper was quoted at a discount of 60 yuan/mt to parity. Due to the favorable SHFE/LME price ratio earlier, importers had a larger cost margin for imports, and some cargoes arriving over the weekend led the decline in premiums during the early trading session. According to the SMM survey, outflows from warehouses in areas around Shanghai decreased over the past weekend. Premiums are expected to edge down slightly tomorrow.