Copper Prices Suppress Downstream Demand, Market Trading Activity Remains Weak [SMM North China Spot Copper]

SMM Oct. 20:

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 160-120 yuan/mt, with the average discount at 140 yuan/mt, up 10 yuan/mt from the previous trading day. Transaction prices ranged from 85,100 to 85,760 yuan/mt, with the average price at 85,430 yuan/mt, up 860 yuan/mt from the previous trading day. The rebound in copper prices today dampened downstream buying interest, with the market mainly conducting just-in-time procurement and long-term contract deliveries. Spot trading activity remained low. In North China today, the procurement sentiment for copper cathode was 1.29, down 0.04 from the previous trading day, while the sales sentiment was 1.31, down 0.02 from the previous trading day ().