High copper prices weaken consumption, spot premiums/discounts soften [SMM North China spot copper]

SMM December 2 News:

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 280-220 yuan/mt, with an average discount of 250 yuan/mt, down 20 yuan/mt from the previous trading day. Transaction prices ranged from 88,130 to 88,450 yuan/mt, with an average of 88,290 yuan/mt, down 650 yuan/mt from the previous trading day. Copper prices fluctuating at highs led to weak consumption, and pessimistic demand expectations caused spot premiums/discounts to continue weakening. In North China today, the procurement sentiment for copper cathode was 1.05, up 0.03 from the previous trading day, while the sales sentiment was 2.29, up 0.04 from the previous trading day ().