High copper prices curb demand, suppliers hold prices firm to push up North China spot copper premiums [SMM North China Spot Copper]

SMM August 3 News:

In North China today, spot #1 copper cathode prices against the front-month contract were reported at average premiums of 70 yuan/mt to 140 yuan/mt, with the average premium at 105 yuan/mt, up 20 yuan/mt from the previous trading day; the average transaction price was 105,890 yuan/mt, up 75 yuan/mt from the previous trading day. Entering the first trading day of August, copper prices continued to fluctuate at highs, and downstream purchasing sentiment further weakened. Suppliers' willingness to sell pulled back, while their willingness to hold prices firm strengthened, driving spot premiums in North China to edge up. Today, the purchasing sentiment for copper cathode in North China was 1.26, down 0.02 from the previous trading day, and the selling sentiment was 2.69, down 0.04. ().