Weak Demand on First Post-Holiday Trading Day; Both Trading and Investment Slack as Discount Edges Up [SMM North China Spot Copper]

SMM June 22:

In North China, spot #1 copper cathode was reported at discounts of 250–150 yuan/mt against the front-month contract, with an average discount of 200 yuan/mt, up 10 yuan/mt from the previous trading day. The average transaction price was 104,355 yuan/mt, down 300 yuan/mt from the previous trading day. On the first trading day after the holiday, downstream restocking willingness was weak. Despite a retreat in futures copper prices, end-use demand saw limited improvement. However, suppliers held tight spot inventories and generally maintained a mindset of holding prices firm and holding back from selling, driving spot discounts to narrow slightly and move higher. The purchasing sentiment for copper cathode in North China was 2.17 today, down 0.06 from the previous trading day, while the selling sentiment was 2.08, down 0.17 ().