Today, spot #1 copper cathode in North China traded at a discount of 160 yuan/mt to 120 yuan/mt against the front-month contract, with an average discount of 140 yuan/mt, a decrease of 10 yuan/mt from the previous trading day. The transaction prices ranged from 79,090 yuan/mt to 79,280 yuan/mt, with an average price of 79,185 yuan/mt, a decrease of 335 yuan/mt from the previous trading day.

[SMM spot copper] Looking ahead to next week, as the month-end approaches, the demand for capital repatriation will put pressure on spot premiums. Additionally, with copper prices remaining steadily above 79,000 yuan/mt, downstream purchase willingness is low. It is expected that there will still be downside room for spot premiums next week. However, the ongoing destocking has led to a decline in inventory, and the decline in premiums is expected to be limited.

Futures market: LME copper opened at $9,940/mt (the session high) overnight, then fluctuated downward with the price center gradually declining to touch a low of $9,848/mt before closing at $9,854.5/mt after considerable fluctuations, down 0.8%.

According to SMM data, the operating rate of enamelled wire industry machinery this week declined by 2.73 percentage points MoM to ...

[SMM Morning Meeting Summary: Weak Supply and Demand, Copper Prices Fluctuate Downward] On July 24, spot prices for SMM #1 copper cathode against the August 2508 contract were reported at premiums of 90-200 yuan/mt, with an average premium of 145 yuan/mt, down 35 yuan/mt MoM. Looking ahead to today, it is expected that the sentiment for shipping goods will remain high. However, as downstream buyers stockpile for the weekend on Friday, it is anticipated that the decline in spot premiums will narrow...