North China Copper Premiums Pull Back as Prices Rebound

Copper prices have rebounded in North China, causing spot premiums for copper cathode to decrease slightly. According to SMM's data, the average premium of spot copper in North China was 120 yuan/mt against the front-month contract, down 35 yuan/mt from the previous trading day.

The average transaction price was 109,200 yuan/mt, up 665 yuan/mt from the previous trading day. This increase in price is attributed to the rebounding copper prices and the spread between futures contracts.

Despite this, downstream purchase willingness pulled back, and the overall market remained wait-and-see. Suppliers' willingness to sell increased somewhat, but downstream buying was weak. Market activity was moderate, with spot premiums for copper cathode in North China edging down.