North China Copper Premiums Pull Back Amid Weak End-User Demand

Copper prices remain high in North China as month-end approaches, but end-user buying weakness pulls back premiums slightly.

The average premium for spot #1 copper cathode against the front-month contract was quoted at 85 yuan/mt, down 5 yuan/mt from the previous trading day. This is a decrease of 5% in just one day, indicating a slight weakening of demand.

Despite high prices, downstream production willingness pulled back and purchasing sentiment continued to weaken. Suppliers' willingness to sell remained stable, but insufficient end-user buying drove spot premiums in North China down.

The average transaction price was 105,815 yuan/mt, up 465 yuan/mt from the previous trading day. This increase is a positive sign for the copper market, but it may not be enough to boost demand.