Copper Plate prices in China experienced a slight decline in the final week of 2024, extending the downward trend observed before. Weak downstream demand persisted, with sluggish transaction activity. A surplus of supply further intensified, leading to a consistent decrease in premiums due to limited immediate demand.

In China, copper plate prices declined by 0.4%. The copper plate market experienced a period of sluggishness with diminished supply and demand. Purchasing activity in the downstream sector stalled, leading to a decrease in premiums. The Christmas holiday shutdown of LME copper further dampened market activity. End-users indicated a halt in new orders following the New Year, and adequate raw material stockpiles further contributed to the subdued trading atmosphere.

On the supply side, Hengbang and JCC Guoxing returned to their standard production levels in December post-maintenance, and Shandong's smelters also reinstated their usual copper output. With the impending implementation of the new policy on copper concentrate, concerns arose among some suppliers of secondary copper raw materials about potential price suppression by secondary copper plate manufacturers post-New Year holiday. So, these suppliers began to liquidate their stocks, supplying secondary copper raw materials to well-established factories that indicated a surplus in inventory.

On the macro market, Copper prices declined following indications from the Federal Reserve of potential reductions in rate cuts in the forthcoming year. The prospect of impending U.S. tariffs on imports from China, coupled with the unpredictable nature of China's domestic demand, further contributed to the downward pressure on copper plate market. In the week concluding on December 27, the inventory of LME copper cathodes remained steady at 272,725 metric tons. Concurrently, the SHFE warehouse warrant inventory saw a reduction of 1,598 metric tons, bringing the total down to 13,061 metric tons.

In a significant development, the Lasail mine project in Oman has resumed copper exports following a 30-year break. The combined reserves of the Lasail and Al-Baydha mines amount to 2.78 million tonnes of copper ore, yielding copper concentrates with purity levels ranging from 18% to 22%. The revitalization of these copper mines represents a vital phase in the resurgence of Oman's copper mining sector, which is poised to fulfill international demand.

Copper plate prices will likely rebound soon. China is stimulating consumer spending through trade-in initiatives and infrastructure upgrades, which should boost copper plate demand. The upcoming winter holidays and technological advancements in Asia also point towards increased copper plate demand.