High Copper Prices Suppressed Downstream Demand, Spot Premiums/Discounts Continued to Weaken [SMM North China Spot Copper]

SMM September 5 News:

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 140-100 yuan/mt, averaging a discount of 120 yuan/mt, down 30 yuan/mt from the previous trading day. Transaction prices ranged from 79,680-79,850 yuan/mt, with the average at 79,765 yuan/mt, down 155 yuan/mt from the previous session. Copper prices rose during the week, suppressing downstream demand, while suppliers' inventory accumulated, leading to persistently weaker spot premiums/discounts. Today, the procurement sentiment for copper cathode in North China was 1.63, up 0.05 from the previous trading day, while the sales sentiment was 2.23, up 0.38 ().