High copper prices dampen purchasing, and sluggish trading drags down North China spot premiums [SMM North China Copper Spot]

SMM, August 5:

Today, the spot #1 copper cathode in North China against the front-month contract was reported at an average discount of 50 yuan/mt to a premium of 40 yuan/mt, with an average discount of 5 yuan/mt, down 50 yuan/mt from the previous trading day, and the average transaction price was 107,090 yuan/mt, up 395 yuan/mt from the previous trading day; futures continued to rise, with high copper prices further suppressing downstream purchase willingness; suppliers' willingness to sell picked up somewhat, but end-use demand was sluggish, resulting in overall sluggish market transactions, and spot premiums in North China further declined. Today, the purchase sentiment for copper cathode in North China was 1.07, down 0.11 from the previous trading day, while the shipment sentiment was 2.95, up 0.06. ().