As delivery approaches, downstream buyers drive down prices, and the center of spot premiums/discounts moves downward [SMM spot copper in North China]

SMM News on July 8:

Today, in North China, spot premiums/discounts for #1 copper cathode against the front-month contract ranged from a discount of 240 yuan/mt to a discount of 160 yuan/mt, with an average discount of 200 yuan/mt, a decrease of 30 yuan/mt from the previous trading day. The transaction price ranged from 79,380 yuan/mt to 79,640 yuan/mt, with an average price of 79,510 yuan/mt, a decrease of 110 yuan/mt from the previous trading day. As the contract rollover delivery date approaches, influenced by the price spread between futures contracts and weak demand, downstream buyers are driving down prices. The center of spot premiums and discounts has shifted downward, and market trading activity remains moderate.

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