North China Copper Prices Pull Back but Fail to Boost Demand

Copper prices in North China pulled back this week but did not boost demand. Spot #1 copper cathode prices against the front-month contract averaged a discount range of 230 yuan/mt to 180 yuan/mt, with an average discount of 205 yuan/mt, down 55 yuan/mt from the previous trading day.

The average transaction price was 107,660 yuan/mt, down 540 yuan/mt from the previous trading day. Although futures pulled back slightly, the price spread between the front-month and next-month contracts was weak as the delivery date approached.

Downstream purchase willingness did not recover, suppliers' willingness to sell remained high but actual transactions were scarce, leading to a further widening of spot discounts in North China.