Spot Copper Prices In North China Inched Higher Before Rallying Last Week.

Spot quotes in north China inched higher before rallying last week. Spot copper was quoted with discounts of 230-50 yuan/mt, or an average discount of 140 yuan/mt last Friday, flat from two Fridays ago.

Last week, the social inventory in Tianjin increased slightly, mainly due to the overall weak downstream consumption. Sellers lowered prices in the first half of the week. Downstream buyers standing on the sidelines prevented spot quotes from rising even as copper futures prices fell last Thursday.

Trades improved last Friday after copper prices fell below 65,000 yuan/mt, bolstering spot quotes. Inventories in north China have not seen a pivot, thus spot quotes are unlikely to improve noticeably.

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