The price spread between futures contracts remained high on the delivery day, with spot premiums/discounts further hitting bottom [SMM spot copper in North China]

SMM May 15 News:

Today, in North China, spot #1 copper cathode was quoted at a discount of 480 yuan/mt to 340 yuan/mt against the front-month contract, with an average discount of 410 yuan/mt, a decrease of 30 yuan/mt from the previous trading day. The transaction prices ranged from 78,150 yuan/mt to 78,460 yuan/mt, with an average price of 78,305 yuan/mt, a decrease of 245 yuan/mt from the previous trading day. According to SMM's methodology, spot copper cathode in North China was quoted against the front-month contract today. On the day of contract rollover and delivery, the market quoted prices against the next-month contract, with some suppliers still choosing to sell at low prices, quoting at a discount against the 06 contract. Spot premiums/discounts further bottomed out.

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