Copper Prices Soar with No Downstream Stockpiling Activity, Spot Market Remains Quiet [SMM North China Spot Copper]

SMM September 25:

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, unchanged from the previous trading day. Transaction prices ranged from 82,070 to 82,700 yuan/mt, with an average price of 82,385 yuan/mt, up 2,485 yuan/mt from the previous trading day. The sharp rise in copper prices made it difficult for downstream enterprises to accept in a short time, and there was basically no stockpiling activity today. Processing enterprises may consider taking holidays during the National Day period. Meanwhile, upstream supply was limited due to maintenance, resulting in sporadic market transactions today. Today in North China, the procurement sentiment for copper cathode was 1.74, up 0.02 from the previous trading day, while the sales sentiment was 1.44, down 0.01 from the previous trading day ().