North China Copper Prices Surge with Spot Discounts Widening

Copper prices in North China continued to strengthen on September 9, as spot copper cathode (#1) was quoted at a discount of 90 yuan/mt to parity against the front-month contract. The average transaction price reached 111,375 yuan/mt, up 305 yuan/mt from the previous trading day.

The price spread between futures contracts also widened, contributing to overall market sentiment that remained subdued. Downstream buyers continued to remain on the sidelines, while suppliers' willingness to sell rose but at a slower pace.

The copper cathode purchasing sentiment in North China was 1.24, down 0.02 from the previous trading day. The willingness to sell sentiment was 2.77, up 0.01 from the previous trading day.