SMM June 25:
Today, in North China, spot prices of #1 copper cathode against the front-month contract were quoted at an average discount of 210–130 yuan/mt, with an average discount of 170 yuan/mt, up 40 yuan/mt from the previous trading day. The average transaction price was 100,940 yuan/mt, down 2,050 yuan/mt from the previous trading day. Futures prices fell sharply, greatly stimulating downstream enterprises' enthusiasm for restocking. Coupled with the approaching month-end, suppliers were unwilling to hold firm on their quotes, and their willingness to sell and boost shipments continued to rise, ultimately narrowing spot discounts significantly. Today, the procurement sentiment for copper cathode in North China was 2.72, up 0.51 from the previous trading day, and the shipment sentiment was 2.69, up 0.46 ().
![Copper Prices Pulled Back, China Copper Social Inventory Restarted Destocking [SMM Weekly Data]](https://imgqn.smm.cn/usercenter/fEiiq20251217171711.jpg)
![During last night's night session, the SHFE/LME price ratio surged once again, and in the morning market, active demand drove premiums to continue rising. [SMM Yangshan spot copper]](https://imgqn.smm.cn/usercenter/JYzFE20251217171714.jpeg)
