SMM Jan. 6:
In North China today, spot #1 copper cathode against the front-month contract was at a discount of 350-250 yuan/mt, with an average discount of 300 yuan/mt, down 100 yuan/mt from the previous trading day. Transaction prices were 102,920-103,850 yuan/mt, with an average of 103,385 yuan/mt, up 3,045 yuan/mt from the previous trading day. Copper prices surged again to break previous highs, while downstream demand remained weak. Suppliers had cleared their inventories before the New Year's Day holiday, and the current market showed a supply-demand weakness. In North China today, the procurement sentiment for copper cathode was 1.04, down 0.13 from the previous trading day, while the sales sentiment was 1.11, up 0.03 from the previous trading day ().
