Purchasing Sentiment Has Sharply Pulled Back, Spot Discounts in North China Are Running Steadily [SMM North China Spot Copper]

SMM July 10:

In North China today, spot #1 copper cathode against the front-month contract was reported at an average discount of 60 yuan/mt to a premium of 20 yuan/mt, with the average discount at 20 yuan/mt, unchanged from the previous trading day. The average transaction price was 103,995 yuan/mt, up 1,605 yuan/mt from the previous day. The sharp rise in futures prices significantly dampened downstream purchasing enthusiasm, and end-use demand weakened, with the market seeing only a small number of essential transactions. Suppliers' willingness to sell edged up, and their firm pricing stance softened slightly. However, spot supply in circulation remained tight, and spot price spreads stayed stable, leaving overall trading sentiment sluggish. In North China today, copper cathode purchasing sentiment was 2.26, down 0.11 from the previous trading day, while selling sentiment was 2.41, up 0.02 ( ).