Off-Season Trading Remained Sluggish, Spot Discounts in North China Widened Significantly [SMM North China Spot Copper Cathode Weekly Review]

Published: Aug 14, 2026 09:28

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In North China, as of this Thursday, discounts were 420-350 yuan/mt, with an average discount of 385 yuan/mt, down 320 yuan/mt from last Thursday. The market was in the traditional consumption off-season, and with copper prices fluctuating at highs and a weak price spread between futures contracts, end-user purchase willingness remained suppressed; market inquiries were scarce, with only sporadic need-based trades. Suppliers proactively made price concessions to sell, but end-user purchases were sluggish. Some traders stayed on the sidelines awaiting delivery-related market conditions, and the weak supply-demand structure drove discounts to widen further. Looking ahead, the combination of high copper prices, weak off-season demand, and a weak price spread between futures contracts is unlikely to improve in the near term, and end-user purchases may remain sluggish. Next week, spot copper cathode trading in North China is expected to be sluggish, with discounts remaining deep and under pressure.

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