SMM, February 7:
Today, spot copper in North China was quoted at a discount of 340-220 yuan/mt against the front-month contract, with an average discount of 280 yuan/mt, down 20 yuan/mt from the previous trading day. Transaction prices ranged from 76,060-76,630 yuan/mt, with an average price of 76,345 yuan/mt, up 390 yuan/mt from the previous trading day. Copper prices continued to rise, while demand in the North China market remained muted. Downstream enterprises are expected to gradually resume operations next week, but given the high inventories of raw materials and finished products, as well as weak current consumption, restocking demand is unlikely to be optimistic.
