Demand continues to perform poorly, suppliers may face inventory pressure [SMM North China spot copper]

SMM Dec. 3:

Spot prices of #1 copper cathode against the front-month contract in north China today were at a discount of 280-220 yuan/mt, with the average discount at 250 yuan/mt, flat from the previous trading day. Transaction prices were 88,410-88,770 yuan/mt, with the average price at 88,590 yuan/mt, up 300 yuan/mt from the previous trading day. Amid copper prices' suppression on consumption, market demand remained weak, while logistics in the north were relatively tight due to weather and other factors, making it more difficult to ship goods to east China and other regions. Suppliers faced inventory pressure due to expectations. The procurement sentiment for copper cathode in north China today was 1.03, down 0.02 from the previous trading day, while the sales sentiment was 2.41, up 0.12 from the previous trading day ().