North China Copper Prices Drop Amid Weakening Demand

Copper prices in North China have seen a slight reprieve from supply pressure, according to the Shanghai Metals Market. Spot #1 copper cathode prices against the front-month contract were quoted at a premium of 760-860 yuan/mt, with an average premium of 810 yuan/mt, down 90 yuan/mt from the previous trading day.

The average transaction price was 110,750 yuan/mt, down 185 yuan/mt from the previous trading day. Futures consolidated and stabilized, while suppliers' willingness to sell increased.

However, downstream demand continued to weaken ahead of the holiday season, with purchasing sentiment for copper cathode in North China at 1.21, down 0.04 from the previous trading day. Selling sentiment was 1.89, up 0.04 from the previous trading day.