Copper prices soared, suppressing downstream demand. The spot market was sluggish during the week [SMM Weekly Review of Copper Cathode Spot in North China]

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       This week, the spot market in north China was extremely sluggish. As of Thursday, spot premiums/discounts ranged from a discount of 180 yuan/mt to a discount of 100 yuan/mt, with an average discount of 140 yuan/mt. With the significant increase in copper prices, downstream consumption was notably suppressed. Additionally, fierce competition in the copper rod market in north China led to an increase in finished product inventories of local enterprises and a subsequent decrease in demand. In terms of supply, some cargoes were shipped to east China, while some suppliers engaged in export activities. As a result, the market exhibited a situation of weak supply and demand, with spot transactions performing poorly during the week. Looking ahead to next week, high copper prices have led to a relatively pessimistic consumption outlook. Coupled with the approaching delivery date and influenced by the price spread between futures contracts, it is expected that spot premiums/discounts will tend to decline.

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