Copper prices weakened downstream with fear of high prices, market activity cooled [SMM North China spot copper]

SMM November 21:

Today in North China, spot #1 copper cathode prices against the front-month contract were at a discount of 180-140 yuan/mt, with an average discount of 160 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 85,450-85,680 yuan/mt, with an average of 85,565 yuan/mt, down 630 yuan/mt from the previous trading day. Market transactions recovered this week as supply resumed after maintenance at upstream smelters ended. However, the weakening futures today increased downstream fear of high prices to some extent, reducing market activity. In North China today, the procurement sentiment for copper cathode was 2.01, down 0.14 from the previous trading day, while the sales sentiment was 2.41, down 0.04 from the previous trading day ().