Copper Prices Continue to Rise, Consumption Weakens Further, Market Activity Remains Mediocre [SMM North China Spot Copper]

SMM September 12:

Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 180-140 yuan/mt, with an average discount of 160 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 80,380 to 80,640 yuan/mt, with an average of 80,510 yuan/mt, up 580 yuan/mt from the previous trading day. The continuous rise in copper prices during the week further weakened consumption. Downstream users made just-in-time procurement at the end of the week, while suppliers adjusted inventory ahead of upcoming maintenance. Spot premiums/discounts stopped falling today, but market activity remained low. Procurement sentiment for copper cathode in North China was 1.44 today, up 0.11 from the previous trading day, while sales sentiment was 2.25, down 0.03 ().