SMM, January 22:
Today, spot copper in North China was quoted at a discount of 350-250 yuan/mt against the front-month contract, with an average discount of 300 yuan/mt, down 20 yuan/mt from the previous trading day. Transaction prices ranged from 75,090-75,280 yuan/mt, with an average price of 75,185 yuan/mt, down 70 yuan/mt from the previous trading day. As the holiday approached, most downstream sectors entered a holiday mode, and some suppliers had already sent their cargoes to warehouses. The market saw only limited stockpiling demand and sporadic transactions, leading to a further weakening of spot premiums/discounts.
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