Contract rollover releases rigid demand; discounts in North China narrow and rise [SMM North China Spot Copper]

SMM, September 15:

Today, spot #1 copper cathode in North China was quoted against the front-month contract at a discount of 150-50 yuan/mt, with an average discount of 100 yuan/mt, up 60 yuan/mt from the previous trading day. The average transaction price was 107,447 yuan/mt, down 1,300 yuan/mt from the previous trading day. As futures continued to decline and the delivery contract rollover period approached, downstream purchase willingness recovered noticeably, with concentrated release of essential restocking demand. Suppliers' willingness to sell edged up, driving a clear recovery in spot premiums in North China, and market trading activity improved. Today, the purchase sentiment for copper cathode in North China was 1.26, up 0.09 from the previous trading day, while the selling sentiment was 2.81, up 0.03 from the previous trading day. ().