SMM reported: On July 14, the spot copper cathode price in Shandong was quoted at -215 yuan/mt, with market trading activity remaining low. Specifically, as the contract rollover approached, downstream buyers placed orders cautiously, with purchases mainly driven by immediate needs and long-term contract cargo pick-ups. Suppliers faced no inventory pressure and had little willingness to sell at low prices, resulting in a stalemate in spot market transactions.