Copper Prices High, Downstream Sentiment Cautious, Market Activity Sluggish [SMM North China Spot Copper]

SMM September 23:

Today in North China, spot #1 copper cathode against the front-month contract was at a discount of 100-80 yuan/mt, with an average discount of 90 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 79,770 to 79,960 yuan/mt, with an average of 79,865 yuan/mt, down 220 yuan/mt from the previous trading day. Copper prices pulled back slightly but remained high, while weak consumption led downstream users to deliberate production arrangements for the National Day holiday, with cautious procurement and overall poor demand. On the supply side, refinery maintenance also led to a decline in supply, and market activity was sluggish. Today in North China, procurement sentiment for copper cathode was 1.72, down 0.03 from the previous trading day, while sales sentiment was 1.45, up 0.01 from the previous trading day ().