Downstream demand is weak due to price resistance, spot premiums and discounts weaken [SMM North China Spot Copper]

SMM November 25 News:

Today, in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 210-150 yuan/mt, with an average discount of 180 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 86,120-86,580 yuan/mt, with an average of 86,350 yuan/mt, up 370 yuan/mt from the previous trading day. As copper prices strengthened again, downstream fear of high prices gradually increased, leading to weaker market demand and a continuous decline in spot premiums/discounts. Today, the procurement sentiment for copper cathode in North China was 1.52, down 0.22 from the previous trading day, while the sales sentiment was 2.44, up 0.11 from the previous trading day ().