Sluggish Copper Trading in North China Worsens Premium Drop
North China's copper cathode market was sluggish today, with spot prices quoted at a discount of 70 yuan/mt to a premium of 80 yuan/mt. The average premium dropped significantly by 60 yuan/mt from yesterday, settling at 5 yuan/mt. Meanwhile, the average transaction price for #1 copper cathode reached 107,760 yuan/mt, up 120 yuan/mt compared to the previous trading day.
The market's end-user demand was slow, with only just-in-time procurement observed. Suppliers' willingness to sell continued to rise, but downstream purchases remained weak, causing a lag in overall transactions and further decreasing spot copper premiums in North China.
According to SMM, the procurement sentiment for copper cathode in North China stood at 1.17, down 0.02 from yesterday, while the shipment sentiment was at 2.76, up 0.03 from yesterday.