선물 롤오버로 지속적 약세 수요 교란; 가격 확고 유지 및 매도 자제로 현물 프리미엄 강화 [SMM 북중국 동 음극 현물 주간 리뷰]

[SMM Analysis: Surge in Copper Prices Drives Widening Price Difference Between Copper Cathode and Copper Scrap; Supply Side Holds Prices Firm Amidst Declines + Arbitrage-Driven Purchases Dominate Transactions] The most-traded SHFE copper contract surged to 105,020 yuan/mt mid-week, rising nearly 2,000 yuan/mt from the beginning of the week. However, as copper scrap was supported by compliance costs and suppliers held prices firm, resisting declines, its price fluctuated by less than 1,000 yuan/mt throughout the week. Consequently, the price difference between copper cathode and copper scrap widened consistently from 2,445 yuan/mt at the start of the week to 3,923 yuan/mt, a WoW increase of over 2,200 yuan/mt. This widening spread was entirely driven by the isolated rise in copper cathode prices. The inherent resilience of copper scrap against price declines was the core feature on the supply side this week......