Futures stabilize while demand remains sluggish; spot copper in North China shifts to a discount [SMM North China spot copper]

SMM, October 12:

In North China today, spot prices of #1 copper cathode against the front-month contract were reported at a discount of 280-50 yuan/mt, with an average discount of 165 yuan/mt, down 385 yuan/mt from the previous trading day. The average transaction price was 111,590 yuan/mt, up 445 yuan/mt from the previous trading day. Futures stabilized, and the price spread between futures contracts remained wide. Downstream enterprises mostly took a wait-and-see stance, market purchase willingness was subdued, and only sporadic rigid demand transactions occurred. Affected by the price spread between futures contracts, suppliers were active in selling, offering lower prices to move shipments, which drove spot premiums in North China further downward. Today, the purchase sentiment for copper cathode in North China was 1.03, down 0.01 from the previous trading day, while the shipment sentiment was 2.44, up 0.09 from the previous trading day. ().