Copper Prices Surge Again Amid Weak Demand, Spot Premiums/Discounts Weaken [SMM North China Spot Copper]

SMM October 27:

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 240-200 yuan/mt, with an average discount of 220 yuan/mt, down 40 yuan/mt from the previous trading day. Transaction prices ranged from 87,880 to 88,200 yuan/mt, with an average of 88,040 yuan/mt, up 1,810 yuan/mt from the previous trading day. Copper prices surged again, significantly impacting consumption and making a clear demand recovery difficult. Some suppliers lowered prices to sell and liquidate holdings, leading to weaker spot premiums/discounts. In North China today, the procurement sentiment for copper cathode was 1.23, down 0.06 from the previous trading day, while the selling sentiment was 1.61, up 0.26 from the previous trading day ().