HANOI/BEIJING : The copper spot premium in top consumer China could stay elevated in the next few months, analysts and traders said on Friday, as demand for the metal has improved on the back of government stimulus.
China has in the past few months issued trillions of yuan worth of loans and spending on infrastructure, a heavy user of copper, as it seeks to revive its economy which has been battered by COVID-19 restrictions and a global economic slowdown. Average utilisation rates at copper wire-rod mills in China rose to 70 per cent currently, from 62 per cent at the beginning of August, and the rate at copper tube plants rose to 67 per cent from 64 per cent during the same period, he added.
The Yangshan premium, which reflects demand for imported copper into China, rose to $108 a tonne on Thursday, close to the $112.50 level hit on Aug. 19, the highest since October last year. Stockpile in ShFE and the London Metal Exchange warehouses together were 171,797 tonnes, equivalent to just 2.5 days of global consumption.
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