Copper Prices Break Through the 100,000 Mark, Downstream Demand Muted [SMM North China Spot Copper]

SMM December 26:

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 650-550 yuan/mt, with an average discount of 600 yuan/mt, up 30 yuan/mt from the previous trading day. Transaction prices ranged from 99,970-100,970 yuan/mt, with an average of 100,470 yuan/mt, up 3,020 yuan/mt from the previous trading day. Copper prices hit a record high, breaking through the 100,000 yuan/mt mark. Downstream demand was muted, as many downstream enterprises may suspend production during the New Year holiday, resulting in sluggish market trading activity. In North China today, the procurement sentiment for copper cathode was 1.01, down 0.08 from the previous trading day, while the sales sentiment was 1.82, down 1.20 from the previous trading day ().