Suppliers refused to budge on prices, spot premiums/discounts rose, but market activity remained low [SMM North China Spot Copper]

SMM September 1 news:

Spot prices of #1 copper cathode against the front-month contract in North China today were at a discount of 70-30 yuan/mt, averaging a 50 yuan/mt discount, up 20 yuan/mt from the previous trading day. Transaction prices ranged from 79,490-79,740 yuan/mt, with the average at 79,615 yuan/mt, up 545 yuan/mt from the previous session. On the first trading day of September, logistics in North China remained constrained due to the ongoing Shanghai Cooperation Organization Summit in Tianjin. Suppliers held relatively optimistic expectations as the month began with impending maintenance, but higher copper prices also dampened downstream buying interest, resulting in subdued activity in the spot market. Today, purchasing sentiment for copper cathode in North China stood at 1.91, down 0.12 from the previous session, while selling sentiment was 1.81, down 0.14 ().