Chinese copper buyers are prolonging their pause during the Lunar New Year due to near-record prices affecting industrial demand for the metal. Bloomberg posted on X, highlighting that the elevated costs have led to a slowdown in purchasing activity. The Lunar New Year, traditionally a time for reduced business activity, has seen an extended break this year as buyers wait for prices to stabilize.
The copper market has been experiencing significant fluctuations, with prices nearing record highs. This has resulted in cautious behavior from buyers who are hesitant to make large purchases under current conditions. The situation reflects broader trends in the commodities market, where high prices are impacting demand across various sectors.
Industry experts suggest that the current price levels are unsustainable and anticipate adjustments in the coming months. However, the immediate impact is a noticeable decrease in copper transactions, as buyers opt to wait for more favorable conditions.
The extended break is expected to continue until there is a significant shift in market dynamics, allowing buyers to resume their activities with more confidence. Meanwhile, the global copper market remains closely watched, with stakeholders assessing the potential for future price corrections.