After the Holiday, Copper Prices Surged, but Weak Supply and Demand Made Transactions Difficult in the Spot Market [SMM North China Spot Copper]

SMM Oct. 9:

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 260-160 yuan/mt, with an average discount of 210 yuan/mt, down 20 yuan/mt from the previous trading day. Transaction prices ranged from 85,210-85,820 yuan/mt, with the average price at 85,515 yuan/mt, up 2,480 yuan/mt from the previous trading day. After the long holiday, futures surged significantly, and current copper prices exceeded downstream expectations, leading to widespread wait-and-see sentiment. Meanwhile, upstream smelters were undergoing maintenance, limiting supply. The spot market was very quiet with few transactions. In North China today, the procurement sentiment for copper cathode was 1.02, down 0.19 from the previous trading day, while the sales sentiment was 1.12, down 0.13 from the previous trading day ().