Copper Prices Rebound Amid Weak Consumption, Downstream Operations Sluggish with Poor Demand [SMM North China Spot Copper]

SMM Oct 23:

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 200-160 yuan/mt, with an average discount of 180 yuan/mt, down 20 yuan/mt from the previous trading day. Transaction prices ranged from 85,120-85,480 yuan/mt, with an average of 85,300 yuan/mt, up 535 yuan/mt from the previous trading day. Copper prices rebounded again, climbing above the 85,000 yuan/mt mark. Downstream consumption remained very weak, with low operating rates among processing enterprises and sluggish demand, resulting in poor market transactions. In North China today, the procurement sentiment for copper cathode was 1.18, down 0.09 from the previous trading day, while the sales sentiment was 1.33, down 0.02 from the previous trading day ().