High Copper Prices Continue to Weigh on Demand, and Spot Copper Cathode Discounts in North China Widen Significantly [SMM North China Spot Copper Cathode Weekly Review]

       In North China, as of this Thursday, spot discounts were at 100-30 yuan/mt, with an average discount of 65 yuan/mt, down 155 yuan/mt from last Thursday. During the week, spot premiums quickly flipped to discounts, and the continuous surge in futures prices put notable pressure on the market. Under the dual impact of the traditional demand off-season and elevated copper prices, downstream purchase willingness weakened steadily this week, market inquiries were sluggish, and only sporadic rigid-demand transactions occurred. Suppliers' willingness to sell rose steadily, but end-user buying remained weak, resulting in a supply-demand imbalance. Overall trading was thin with low activity, pushing spot discounts to widen further. Looking ahead, the high copper price environment and ongoing off-season demand are expected to persist, making it difficult for end-use demand to recover significantly. Spot premiums for copper cathode in North China are expected to stay under pressure.