Widening price spread between futures contracts and weak downstream buying interest drive spot premiums/discounts in North China to continue declining [[SMM Weekly Review of Spot Copper Cathode in North China]]

Published: May 8, 2025 18:20

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This week, spot premiums/discounts in North China continued to decline. As of Thursday, they ranged from a discount of 130 yuan/mt to a discount of 70 yuan/mt, with an average discount of 100 yuan/mt. After the Labour Day holiday, downstream enterprises made just-in-time procurement. However, due to the continuous widening of the price spread between futures contracts during the week, downstream purchase intentions were weak. Meanwhile, upstream inventory accumulated during the holiday, forcing some suppliers to continuously offer discounts to sell their cargo. Some cargo was also shipped to other regions. As the contract rollover delivery date approaches, amid a high price spread between futures contracts, downstream buying interest is suppressed. It is expected that there is still downside room for spot premiums/discounts.

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