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Shanghai nonferrous metals closed all with gains as the August China Caixin Services PMI was higher than the estimate with a reading of 55, against the previous print of 55.5. In addition, the People's Bank of China also decided to lower the foreign exchange deposit reserve ratio for financial institutions.
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From August 22 to August 28, the copper scrap throughput of East China Nonferrous Metals City was about 22,000 mt, a week-on-week increase of 29.15%.
On August 24, spot premiums of copper cathode in the Shanghai market were 480-560 yuan/mt over the SHFE 2209 copper contract, and the average premium was 520 yuan/mt, down 70 yuan/mt from the previous trading day.
Guxi city accommodates the largest copper cathode smelter in China with a refining capacity of 1 million mt/year. The news has triggered extensive copper cathode supply concerns when the social inventory is at a historically low level.