High copper prices led to weak consumption performance, and the activity in the North China market was poor. [SMM Weekly Review of Spot Copper Cathode in North China]

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       This week, spot premiums and discounts in North China remained stable. As of Thursday, spot premiums and discounts were at a discount of 200 yuan/mt to 160 yuan/mt, with an average discount of 180 yuan/mt. With copper prices fluctuating at highs, consumption in North China was very weak. Processing enterprises had high inventory and poor purchasing sentiment, resulting in low trading activity during the week. Spot premiums and discounts also showed no significant volatility, and surrounding copper cathode supplies were difficult to digest and were subsequently shipped to other regions. Currently, major participants in the North China market are conducting annual long-term contract negotiations. Given the poor performance of spot premiums and discounts last year, weak current demand, and copper concentrate TC causing upstream losses, there are disagreements between the parties. SMM expects that the final long-term contract prices in North China will decrease by around 50 yuan/mt YoY.

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