North China Copper Prices Surge Amid Weak Demand

Copper prices in North China saw a significant increase on August 17, as spot prices against the front-month contract for #1 copper cathode were quoted at an average discount of 290 yuan/mt to a discount of 50 yuan/mt. This marked an average discount of 170 yuan/mt, a substantial increase of 215 yuan/mt from the previous trading day.

The average transaction price was 109,495 yuan/mt, up by 1,665 yuan/mt from the previous day. Despite this surge, futures prices shot up sharply, and downstream purchase willingness remained weak, with demand staying soft. Suppliers' willingness to sell declined somewhat due to high copper prices, causing them to wait and see subsequent market moves.

Market transactions remained sluggish, and spot discounts in North China were clearly repaired. The purchasing sentiment for copper cathode in North China was unchanged at 1, while the willingness to sell sentiment decreased by 0.15 to 2.73.