Tight supply and seller reluctance to sell; high premiums suppress spot transactions [SMM North China spot copper]

SMM, September 23:

Today in North China, spot prices of #1 copper cathode against the front-month contract were reported at premiums of 970-1,050 yuan/mt, with an average premium of 1,010 yuan/mt, down 40 yuan/mt from the previous trading day. The average transaction price was 112,165 yuan/mt, down 245 yuan/mt from the previous trading day. Futures consolidated and stabilized, spot supply remained tight, and suppliers' willingness to sell continued to decline. High copper prices combined with high premiums suppressed downstream purchases, enterprises' purchase willingness was weak, market transactions were sluggish, and spot premiums in North China pulled back slightly. Today, the purchase sentiment for copper cathode in North China was 1.39, down 0.15 from the previous trading day, and the shipment sentiment was 1.76, down 0.13 from the previous trading day. ().