Futures Remain Stable at High Levels; Spot Discounts Continue to Widen [SMM North China Spot Copper]

SMM August 12 news:

Today, spot #1 copper cathode in North China against the front-month contract were reported at discounts of 350 yuan/mt to 260 yuan/mt, with an average discount of 305 yuan/mt, down 50 yuan/mt from the previous trading day. The average transaction price was 108,230 yuan/mt, down 70 yuan/mt from the previous trading day. Although the futures stabilized, copper prices remained high, and downstream purchase willingness did not improve, staying on the sidelines. End-use demand remained persistently weak, and suppliers' willingness to sell pulled back somewhat. Some suppliers chose to wait and see the market after delivery, and spot discounts in North China continued to widen. Today, the purchase sentiment for copper cathode in North China was 1.01, unchanged from the previous trading day, and the sell sentiment was 2.87, down 0.12 from the previous trading day. ( ).