Futures Pullback Releases Rigid Demand, North China Premiums Edge Up [SMM North China Spot Copper]

SMM, September 2:

Today, spot #1 copper cathode in North China was quoted at a premium of 100-210 yuan/mt against the front-month contract, with an average premium of 155 yuan/mt, up 25 yuan/mt from the previous trading day. The average transaction price was 108,535 yuan/mt, down 1,520 yuan/mt from the previous trading day. After copper prices pulled back sharply, downstream purchase willingness improved, and rigid demand was released to some extent. Suppliers' willingness to sell also rose, and market trading activity recovered, driving spot premiums for North China copper cathode to edge up. Today, the purchase sentiment for copper cathode in North China was 1.33, up 0.04 from the previous trading day, while the selling sentiment was 2.55, up 0.02 from the previous trading day. ().