Suppliers offer discounts to sell goods, spot premiums/discounts weaken [SMM spot copper in North China]

SMM May 27 report:

Today, in north China, spot prices of #1 copper cathode against the front-month contract ranged from a discount of 160 yuan/mt to a discount of 60 yuan/mt, with an average discount of 110 yuan/mt, a decrease of 20 yuan/mt from the previous trading day. The transaction prices ranged from 78,150 yuan/mt to 78,360 yuan/mt, with an average price of 78,255 yuan/mt, a decrease of 60 yuan/mt from the previous trading day. Today, on the one hand, influenced by the price decline in east China, and on the other hand, due to the capital repatriation needs of suppliers and their pessimistic outlook on future price trends, which led them to offer discounts to facilitate sales, the spot premiums/discounts decreased.

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