Downstream inquiries cool down again, and holding back from selling and holding prices firm drives the spot copper price spread to strengthen [SMM North China spot copper]

SMM July 21:

Today, spot #1 copper cathode in North China was quoted at premiums of 140-220 yuan/mt against the front-month contract, with an average premium of 180 yuan/mt, up 20 yuan/mt from the previous trading day. The average transaction price was 104,995 yuan/mt, up 750 yuan/mt from the previous trading day. As futures continued to surge, downstream purchases weakened again and market inquiries were scarce. Suppliers' willingness to sell also pulled back. Unwilling to offer concessions at low prices, suppliers held prices firm, pushing spot premiums in North China higher. Today, purchasing sentiment for copper cathode in North China was 1.78, down 0.07 from the previous trading day, while selling sentiment was 2.53, down 0.03 ().