Spot market transactions performed poorly, with downstream players mainly executing long-term contracts [SMM North China Spot Copper]

SMM News on June 17:

Today, in North China, spot #1 copper cathode was quoted at a discount of 50 yuan/mt to a premium of 50 yuan/mt against the front-month contract, with an average price on par with the contract, up 220 yuan/mt from the previous trading day. The transaction prices ranged from 78,390 to 78,560 yuan/mt, with an average price of 78,475 yuan/mt, up 85 yuan/mt from the previous trading day. According to SMM's methodology, spot copper cathode in North China was quoted based on the front-month contract today. After the contract rollover, influenced by the price spread between futures contracts, spot premiums and discounts surged. The current prices have increased downstream's willingness to execute long-term contracts. However, with mediocre performance in end-use consumption, the trading activity in the spot market remains sluggish.

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