Today, spot premiums/discounts stopped falling, but overall demand remained weak due to high copper prices [SMM spot copper in North China]

SMM News on June 6:

Today, in North China, spot premiums/discounts for #1 copper cathode against the front-month contract ranged from a discount of 220 yuan/mt to a discount of 140 yuan/mt, with an average discount of 180 yuan/mt, up 40 yuan/mt from the previous trading day. The transaction prices ranged from 78,540 yuan/mt to 78,700 yuan/mt, with an average price of 78,620 yuan/mt, up 515 yuan/mt from the previous trading day. The rise in copper prices during the week has curbed consumption, with downstream enterprises mainly making just-in-time procurement. However, as the center of copper prices continues to move higher, some enterprises have shown a certain rush to buy amid continuous price rise. No low-priced cargoes were traded today, and the center of spot premiums/discounts has stopped falling and rebounded.

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