High Copper Prices Fail to Spur Demand Recovery, Market Continues to Show Weakness [SMM North China Spot Copper]

SMM Oct 21:

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, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 85,380 to 85,680 yuan/mt, with an average price of 85,530 yuan/mt, up 100 yuan/mt from the previous trading day. Copper prices continued to fluctuate at highs, which still significantly suppressed downstream demand. The market remained sluggish after the National Day holiday, with trading activity being sluggish. In North China today, the procurement sentiment for copper cathode was 1.21, down 0.08 from the previous trading day, while the sales sentiment was 1.29, down 0.02 from the previous trading day ().