North China Copper Premium Pulls Back Amid Sluggish End-User Demand

Copper futures have continued to rise in North China, but end-user buying has been sluggish. The premium for spot #1 copper cathode against the front-month contract dropped by 40 yuan/mt, down to an average of 45 yuan/mt. This is a notable pullback from the prior trading day's average premium.

The average transaction price for copper cathode in North China stood at 106,695 yuan/mt, up 880 yuan/mt from the previous day. However, downstream purchase willingness continued to weaken, and market inquiries were scarce. Suppliers' willingness to sell improved, but end-users lacked buying momentum.

The purchasing sentiment for copper cathode in North China was reported at 1.18, down 0.08 from the previous trading day. Meanwhile, the willingness to sell was 2.89, up 0.2. The data suggests that while suppliers are becoming more willing to sell, end-users remain hesitant to buy.