Spot Premiums/Discounts Remain Low During the Week, Northern Market Demand Shows No Improvement [SMM Northern Copper Cathode Spot Weekly Review]

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       This week, spot premiums/discounts in North China fluctuated under pressure. As of Thursday, spot premiums/discounts stood at a discount of 380–300 yuan/mt, with an average discount of 340 yuan/mt. After the holiday, downstream demand in North China remained weak, suppressed by copper prices fluctuating at highs. Following deliveries during the week, copper prices pulled back slightly, leading to a brief recovery in consumption. However, by the end of the week, as copper prices rebounded, demand weakened again. Some suppliers, pressured by inventory, sold at low prices, causing spot premiums/discounts to operate at low levels. Currently, the northern region remains in the off-season for consumption, with demand heavily dependent on copper prices. Under sufficient supply, the center of copper prices needs to decline further to significantly boost downstream buying interest.

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