As Contract Rollover Approaches, Wait-and-See Sentiment Rises; Market Trading Remains Subdued [SMM North China Spot Copper]

SMM August 14:

Spot #1 copper cathode in North China was quoted against the front-month contract at discounts of 420 yuan/mt to 350 yuan/mt, with an average discount of 385 yuan/mt, unchanged from the previous trading day. The average transaction price was 107,830 yuan/mt, down 40 yuan/mt from the previous trading day; copper prices held stable and, as the contract rollover window approached, downstream wait-and-see sentiment was strong. Suppliers' willingness to sell pulled back somewhat, traders generally waited for the contract rollover market, market trading remained thin, and spot discounts in North China temporarily stabilized. Today, procurement sentiment for copper cathode in North China stood at 1, unchanged from the previous trading day, while selling sentiment stood at 2.88, down 0.01 from the previous trading day. ().