Copper prices surge significantly, while demand shows a renewed weakening trend, putting pressure on spot premiums/discounts [SMM spot copper in North China]

SMM News on July 21:

Today, in North China, spot premiums/discounts for #1 copper cathode against the front-month contract ranged from a discount of 150 yuan/mt to a discount of 70 yuan/mt, with an average discount of 110 yuan/mt, unchanged from the previous trading day. The transaction price ranged from 79,020 yuan/mt to 79,430 yuan/mt, with an average price of 79,225 yuan/mt, up 850 yuan/mt from the previous trading day. The significant increase in copper prices has dampened consumption, and market demand has once again shown a weakening trend. Today, downstream buyers mainly engaged in just-in-time procurement, and it was difficult for spot premiums/discounts to keep pace with the increases in other regions.