North China Copper Premiums Edge Up Despite Price Pullback

Copper prices in North China have experienced a sharp pullback, but this has had an unexpected effect on market sentiment.

According to SMM, spot #1 copper cathode against the front-month contract was quoted at a premium of 100-210 yuan/mt, with an average premium of 155 yuan/mt. This is up 25 yuan/mt from the previous trading day.

The average transaction price was 108,535 yuan/mt, down 1,520 yuan/mt from the previous trading day.

After copper prices pulled back sharply, downstream purchase willingness improved, and rigid demand was released to some extent. Suppliers' willingness to sell also rose, and market trading activity recovered, driving spot premiums for North China copper cathode to edge up.