Weak Consumption and Persistently Poor Demand Lead to Dismal Activity in the Spot Market [SMM North China Spot Copper]

SMM Oct. 16:

In North China today, spot #1 copper cathode against the front-month contract was at a discount of 180-120 yuan/mt, with an average discount of 150 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 84,720 to 85,210 yuan/mt, with an average of 85,005 yuan/mt, down 40 yuan/mt from the previous trading day. Copper prices fluctuating at highs continued to weigh on consumption, downstream purchasing and restocking willingness remained sluggish today, coupled with limited market supply, resulting in sluggish market activity. In North China today, purchasing sentiment for copper cathode was 1.08, down 0.05 from the previous trading day, while selling sentiment was 1.17, down 0.01 from the previous trading day ().