The spot market saw low activity during the week, with spot premiums/discounts facing further downward pressure [SMM Weekly Review of Copper Cathode Spot in North China]

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       After delivery, spot premiums/discounts in North China showed a trend of rising first and then falling. As of Thursday this week, spot premiums/discounts ranged from discounts of 140 yuan/mt to discounts of 40 yuan/mt, with an average discount of 90 yuan/mt. Affected by the price spread between futures contracts, spot premiums/discounts rebounded significantly after contract rollover, increasing downstream enterprises' willingness to execute long-term contracts. Meanwhile, as the mid-year period approached, although it was currently the off-season with poor consumer demand, processing enterprises maintained their production levels to fulfill plans, focusing on long-term contract deliveries during the week, resulting in low activity in the spot market. Looking ahead to next week, as month-end approaches, most upstream producers will face inventory pressure to clear their stocks. Given the unfavorable outlook for downstream demand, it is expected that there will be further room for spot premiums/discounts to decline.

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