Spot Premiums Rebound Slightly, but Market Outlook Is Not Optimistic [SMM North China Spot Copper]

SMM, January 10:

Today, spot copper cathode in North China was quoted at a discount of 130-90 yuan/mt against the front-month contract, with an average discount of 110 yuan/mt, up 20 yuan/mt from the previous trading day. Transaction prices ranged from 74,990-75,220 yuan/mt, with an average price of 75,105 yuan/mt, up 565 yuan/mt from the previous trading day. As spot premiums/discounts in the Shanghai market rose, suppliers in North China stood firm on quotes today. Although downstream stockpiling demand exists ahead of the Chinese New Year next week, downstream enterprises will gradually shut down for holidays after late January. Therefore, upstream suppliers may engage in early presales, potentially leading to suppliers offering discounts to facilitate transactions.

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