Copper prices pulled back, but downstream players remained cautious, with limited recovery in market activity [SMM North China Spot Copper]

SMM September 18:

Today, in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 140-100 yuan/mt, with an average discount of 120 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 79,740 to 79,860 yuan/mt, with an average of 79,800 yuan/mt, down 620 yuan/mt from the previous trading day. Copper prices continued to pull back, breaking below the 80,000 yuan/mt mark, which stimulated some downstream restocking sentiment. However, some enterprises remained cautious of high prices and adopted a wait-and-see attitude. Additionally, upstream maintenance is expected soon, reducing the urgency to sell, leading to limited recovery in market activity. Today, in North China, the procurement sentiment for copper cathode was 1.84, up 0.29 from the previous trading day, while the selling sentiment was 1.96, up 0.04 from the previous trading day ().