Downstream players in the North China market cautiously replenished their stocks before the holiday, and spot premiums/discounts came under some pressure. [SMM Weekly Review of Spot Copper Cathode in North China]

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       >This week, the center of spot premiums/discounts in North China moved lower. As of Wednesday, the premiums/discounts were in the range of discounts of 80 yuan/mt to discounts of 20 yuan/mt, with an average discount of 50 yuan/mt. As we approach the month-end period, on one hand, the price spread between futures contracts has widened, and on the other hand, suppliers are clearing inventory while downstream funding is constrained, putting some pressure on spot premiums/discounts. With the Labour Day holiday approaching, downstream players have adopted a wait-and-see attitude towards future consumption, resulting in a lack of robust stockpiling demand overall. Looking ahead after the holiday, as domestic social inventory of copper cathode continues to decline, it will provide some support for spot premiums/discounts, but the direction of copper prices will determine downstream restocking demand.

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