Sluggish trading atmosphere, holding prices firm supports the narrowing of North China discounts [SMM North China Spot Copper]

SMM July 9:

Today in North China, the average spot price of #1 copper cathode against the front-month contract was reported at a discount of 60 yuan/mt to a premium of 20 yuan/mt, with an average discount of 20 yuan/mt, up 20 yuan/mt from the previous trading day; the average transaction price was 102,390 yuan/mt, down 430 yuan/mt from the previous trading day. The slight weakness in futures failed to stimulate concentrated restocking by downstream users, with end-users only making essential purchases; spot prices were generally high across regions, and North China was also unwilling to sell at low prices. Suppliers held prices firm with a staunch sentiment, and spot discounts continued to narrow, with overall market trading being mediocre. The purchasing sentiment for copper cathode in North China today was 2.37, down 0.04 from the previous trading day, and the shipment sentiment was 2.39, down 0.03 ().