Futures Continue to Rise, End-User Buying Sluggish, North China Premium Sees Notable Pullback [SMM North China Spot Copper]

SMM, August 4:

In North China, #1 copper cathode spot prices against the front-month contract were reported at premiums of 10–80 yuan/mt, with an average premium of 45 yuan/mt, down 40 yuan/mt from the previous trading day, and the average transaction price was 106,695 yuan/mt, up 880 yuan/mt from the previous trading day. Futures rose significantly, downstream purchase willingness continued to weaken, and market inquiries were scarce. Suppliers' willingness to sell improved, but end-users lacked buying momentum, driving spot premiums in North China notably lower. The purchasing sentiment for copper cathode in North China stood at 1.18, down 0.08 from the previous trading day, while the willingness to sell was 2.89, up 0.2. ().