Rising copper prices curb consumption, with market demand expected to remain unoptimistic [SMM spot copper in North China]

SMM News on June 27:

Today, in North China, the spot premiums/discounts of #1 copper cathode against the front-month contract ranged from a discount of 200 yuan/mt to a discount of 120 yuan/mt, with an average discount of 160 yuan/mt, a decrease of 10 yuan/mt from the previous trading day. The transaction price ranged from 79,700 yuan/mt to 80,010 yuan/mt, with an average price of 79,855 yuan/mt, an increase of 1,130 yuan/mt from the previous trading day. Copper prices have risen above the 80,000 yuan/mt threshold, suppressing downstream consumption. Copper processing enterprises have seen an increase in inventory, and suppliers are not optimistic about the market demand in North China next week. There is some downside room for spot premiums/discounts.

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