SMM January 3 News:
Today, spot copper in North China was quoted at a discount of 150-70 yuan/mt against the front-month contract, with an average discount of 110 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 72,910 to 73,230 yuan/mt, with an average price of 73,070 yuan/mt, down 170 yuan/mt from the previous trading day. The northern market is currently in the off-season for consumption, with overall demand showing mediocre performance. Spot premiums/discounts edged lower, and stockpiling expectations are not optimistic as downstream sectors may extend holidays or halt production during this year's Chinese New Year. Spot premiums/discounts are expected to see little improvement.
