.Copper resumed its upward momentum on Wednesday after a two-session pause, but traders said Chinese consumer reluctance to buy around two-year highs was capping gains.Metal industry sources say the recent rally towards $10,000 has dampened appetite for imports in top consumer China.Fox added that that Chinese stocks have yet to start their second-quarter seasonal draw, suggesting that physical supplies have not tightened yet.Reflecting weaker Chinese demand for imported copper is the Yangshan premium SMM-CUYP-CN to benchmark LME prices, which dropped to a record low of zero on Tuesday.

“Plenty of traders are offering discounts already on exchange-deliverable copper brands,” another trader said.