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Chinese copper premiums drops to 18-month low due to lower demand-2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
12/5/2018 有色金属展-Copper exhibition -non-ferrous metals expo |
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Chinese copper premiums dropped to 18-month low as demand decreased. The copper premiums, paid on top of benchmark three-month London Metal Exchange (LME) prices went down by 10.7% which was the lowest since June 2017.
Chinese New Year is coming soon, so there was no immediate need for copper. The US-China trade war will push down demand for industrial metals.
As a result, LME copper price was pushed down as well. China was imposing a 25% tariff on imports of US scrap copper. Therefore, the demand for refined metal went up.
Chinese refined copper imports increased by 20% in the first 10 months this year. The mills of copper-based products planned to export to the US before a planned increased tariff from 10% to 25% in January.
Currently, the US decided to postpone the increasing for 90 days. The US and China were both trying to reach an agreement on the trade war. 有色金属展-铜材展-2019年广州国际有色金属工业（铜业）展览会 -2019 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition -Non-Ferrous Metal exhibition, 2019
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