Copper Prices Continue Rise Amid Sluggish Market Activity in North China
Copper prices have continued to rise in North China, as spot discounts for #1 copper cathode against the front-month contract widened further. According to SMM, spot prices ranged from a discount of 180 yuan/mt to 120 yuan/mt, with an average discount of 150 yuan/mt, down 85 yuan/mt from the previous trading day.
The average transaction price for copper cathode in North China was 108,200 yuan/mt, up 285 yuan/mt from the previous day. However, market activity remains sluggish due to a lack of improvement in downstream purchasing sentiment and supplier willingness to sell remaining flat. Actual selling has faced significant resistance.
The procurement sentiment for copper cathode in North China remained unchanged at 1.02, while the selling sentiment increased by 0.01 to 2.99.