North China Copper Premiums Pull Back as Suppliers Eager to Sell

Copper prices in North China remained high, but spot premiums began to pull back on September 4. According to SMM, spot copper in North China was quoted at a premium of 50-130 yuan/mt against the front-month contract, with an average premium of 90 yuan/mt, down 30 yuan/mt from the previous trading day.

The average transaction price rose to 109,775 yuan/mt, up 575 yuan/mt from the previous day. Suppliers' willingness to sell increased as copper prices stayed high, and some rigid demand was released after premiums returned to an appropriate range.

Market activity rebounded following yesterday's decline, with spot premiums in North China edging down. Sentiment for copper cathode procurement and shipments also improved, standing at 1.32 and 2.68 respectively, up from the previous day.