North China Copper Prices Hold Steady Amid Weakened Demand

Copper prices in North China continued to fluctuate at high levels on August 3, leading to weakened demand from downstream purchasing sentiment. According to Shanghai Metals Market (SMM), spot #1 copper cathode prices against the front-month contract were quoted at an average premium of 70 yuan/mt to 140 yuan/mt, with the average premium at 105 yuan/mt, a 20 yuan/mt increase from the previous trading day.

The average transaction price was 105,890 yuan/mt, up 75 yuan/mt from the previous day. Suppliers' willingness to sell pulled back, while their willingness to hold prices firm strengthened, driving spot premiums in North China to edge up.

Today's purchasing sentiment for copper cathode in North China was 1.26, down 0.02 from the previous trading day, and the selling sentiment was 2.69, down 0.04. As a result, suppliers continued to hold prices firm to push up North China spot copper premiums.