North China Copper Prices Decline Amid Tight Supply and High Premiums

Copper prices in North China continued to be driven by tight supply and high premiums. Spot copper was quoted at a premium of 970-1,050 yuan/mt against the front-month contract on September 23, with an average premium of 1,010 yuan/mt. This represents a decline of 40 yuan/mt from the previous trading day.

The average transaction price for spot copper in North China was 112,165 yuan/mt, down 245 yuan/mt from the previous trading day. Despite this decrease in prices, market transactions remained sluggish due to high copper prices and premiums.

Futures consolidated and stabilized, while suppliers' willingness to sell continued to decline. High copper prices combined with high premiums suppressed downstream purchases, leading to weak enterprise purchase sentiment and a decrease in spot premiums in North China.