Futures price spread strengthens simultaneously; spot discounts in North China continue to widen [SMM North China Spot Copper]

SMM News, September 10:

Today, in North China, spot #1 copper cathode prices against the front-month contract were quoted at a discount of 130 to a discount of 50 yuan/mt, with the average discount at 90 yuan/mt, down 45 yuan/mt from the previous trading day. The average transaction price was 112,320 yuan/mt, up 945 yuan/mt from the previous trading day. As futures rose again and the price spread between futures contracts continued to widen, overall market trading sentiment remained subdued, and downstream buyers mostly chose to stay on the sidelines until the later stage of delivery. Suppliers’ willingness to sell pulled back somewhat, spot premiums in North China continued to move lower, and market activity weakened further. Today, the copper cathode purchasing sentiment in North China was 1.19, down 0.05 from the previous trading day, while selling sentiment was 2.75, down 0.02 from the previous trading day. ().