Copper Prices Rebound Suppresses Consumption, Market Supply and Demand Both Weaken [SMM North China Spot Copper]

SMM September 22:

Today in North China, spot #1 copper cathode against the front-month contract was at a discount of 90-70 yuan/mt, with an average discount of 80 yuan/mt, unchanged from the previous trading day. Transaction prices were 80,010-80,160 yuan/mt, with an average of 80,085 yuan/mt, up 245 yuan/mt from the previous trading day. As a refinery in North China began maintenance, market supply decreased, giving suppliers the impetus to refuse to budge on prices. However, as copper prices rebounded, weak consumption led to sluggish downstream demand. Today in North China, procurement sentiment for copper cathode was 1.75, down 0.28 from the previous trading day, while sales sentiment was 1.44, down 0.11 from the previous trading day ().