Chinese Buyers Halt Copper Purchases Amid Record Prices

• Chinese buyers are significantly reducing copper purchases as prices soar to unprecedented levels.
• London Metal Exchange copper surpassed $13,000 per tonne, marking a nearly 50% gain over the past year.
• Speculative futures markets contrast with weak industrial demand in China, where consumers are slow to adapt to high prices.
• Shanghai copper contract reached 100,000 yuan/ton ($14,300) in December, reflecting import costs.
• High inventories (145,000 tonnes) and low operating rates in China indicate weak demand and slow economic recovery.
• Chilean producer Codelco's high premium offers for 2026 contracts face resistance from Chinese importers.

Why It Matters: Record copper prices and China's weak economy are causing a sharp decline in Chinese copper demand.