Copper Prices Surged, Stockpiling Largely Concluded, Market Sluggish on Last Trading Day Before Holiday [SMM North China Spot Copper]

SMM September 30:

Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 260-120 yuan/mt, with an average discount of 190 yuan/mt, down 70 yuan/mt from the previous trading day. Transaction prices ranged from 82,760 to 83,310 yuan/mt, with an average of 83,035 yuan/mt, up 940 yuan/mt from the previous trading day. On the last trading day before the holiday, copper prices rose above the high of 83,000 yuan/mt, making it difficult for downstream buyers to generate purchase demand. Smelters had no spot supply due to maintenance, and only traders offered goods at low prices to seek transactions, leading to weaker spot premiums/discounts. Today in North China, the purchase sentiment for copper cathode was 1.21, down 0.24 from the previous trading day, while the sales sentiment was 1.25, down 0.07 from the previous trading day ().