High Copper Prices Suppress End-Users, Transactions Sluggish, Spot Copper Discounts in North China Further Widen [SMM North China Spot Copper]

SMM August 6 News:

Today, spot #1 copper cathode in North China against the front-month contract was reported at an average discount ranging from 100 yuan/mt to 30 yuan/mt, with the discount averaging 65 yuan/mt (down by 60 yuan/mt from the previous trading day) and the average transaction price at 107,915 yuan/mt (up by 825 yuan/mt from the previous trading day). Copper prices continued to shoot up, high costs suppressed downstream purchasing enthusiasm, and market inquiries were very limited. Suppliers' willingness to sell continued to rise, but end-users' capacity to take deliveries was insufficient, making market trading hard to improve, and spot discounts in North China widened further. Today, the purchasing sentiment for copper cathode in North China was 1.02 (down by 0.05 from the previous trading day) and the selling sentiment was 2.98 (up by 0.03 from the previous trading day). ().