Copper Prices Pull Back, Downstream Buying Interest Slightly Recovers; Upstream Maintenance Imminent, Spot Premiums/Discounts Edge Higher [SMM North China Spot Copper]

SMM September 17:

Today, spot #1 copper cathode in North China was at a discount of 140-100 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, up 10 yuan/mt from the previous trading day. Transaction prices ranged from 80,290 to 80,550 yuan/mt, with an average of 80,420 yuan/mt, down 495 yuan/mt from the previous trading day. Copper prices pulled back today, and downstream restocking demand recovered slightly but provided limited support. As centralized maintenance at supply smelters is approaching, suppliers refused to budge on prices, and spot premiums/discounts edged higher. Today, the procurement sentiment for copper cathode in North China was 1.55, up 0.18 from the previous trading day, while the sales sentiment was 1.92, up 0.05 from the previous trading day ().