China’s industrial buyers shun copper after prices hit record

China's copper demand has sharply declined as prices surged to record levels, exceeding US$13,000 a tonne. Industrial users are scaling back purchases due to high costs and sluggish economic recovery. A survey indicated that 60% of firms producing copper rods cut or halted production. Despite high inventories and weak imports, there is cautious optimism for recovery in demand, particularly in new energy and AI sectors, as the government extends subsidies to support consumption. January may see improved sentiment as customers adjust to higher prices.