Spot premiums/discounts have temporarily stabilized, while the outlook for future demand remains uncertain [SMM spot copper in North China]

SMM July 23 Report:

Today, in North China, spot #1 copper cathode is trading at a discount of 170 yuan/mt to 70 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, unchanged from the previous trading day. The transaction price ranges from 79,370 yuan/mt to 79,610 yuan/mt, with an average price of 79,490 yuan/mt, up 95 yuan/mt from the previous trading day. As downstream processing enterprises maintained their operating levels this week, market supplies were absorbed. However, the rise in copper prices has curbed consumption, and expectations for future demand remain pessimistic. As the month-end approaches, suppliers are disposing of their inventory in advance, and spot premiums/discounts have temporarily stabilized, with low trading activity.