Spot Copper Prices Surge, Downstream Buying Interest Nearly Nonexistent, Market Performance Sluggish [SMM North China Spot Copper]

SMM December 1:

Today, in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 260-200 yuan/mt, with an average discount of 230 yuan/mt, down 30 yuan/mt from the previous trading day. Transaction prices ranged from 88,640-89,240 yuan/mt, with an average of 88,940 yuan/mt, up 1,850 yuan/mt from the previous trading day. Due to the sharp rise in copper prices, downstream buying interest was almost non-existent today, as market participants held a fear of high prices and adopted a wait-and-see stance, resulting in sluggish market transactions. Today, the procurement sentiment for copper cathode in North China was 1.02, down 0.31 from the previous trading day, while the sales sentiment was 2.25, down 0.14 from the previous trading day ().