Countdown to contract rollover, price spread between futures contracts at high levels, sharp decline in spot premiums/discounts [SMM spot copper in North China]

SMM News on June 13:

Today, in North China, spot prices of #1 copper cathode against the front-month contract ranged from a discount of 300 yuan/mt to a discount of 200 yuan/mt, with an average discount of 250 yuan/mt, a decrease of 100 yuan/mt from the previous trading day. The transaction prices ranged from 78,520 yuan/mt to 78,820 yuan/mt, with an average price of 78,670 yuan/mt, a decrease of 160 yuan/mt from the previous trading day. As the countdown to the contract rollover and delivery begins, downstream purchasing sentiment is poor due to the high price spread between futures contracts. Suppliers are reducing prices to seek transactions, leading to a significant drop in spot premiums/discounts.

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