Both supply and demand in the market are weak, and spot premiums/discounts remain stable [SMM spot copper in North China]

SMM News on July 28:

Today, in North China, spot premiums/discounts for #1 copper cathode against the front-month contract ranged from a discount of 160 yuan/mt to a discount of 120 yuan/mt, with an average discount of 140 yuan/mt, unchanged from the previous trading day. The transaction price ranged from 78,740 yuan/mt to 78,940 yuan/mt, with an average price of 78,840 yuan/mt, down 345 yuan/mt from the previous trading day. As the center of copper prices pulled back, downstream buyers replenished their stocks on an as-needed basis. However, suppliers had already disposed of most of their inventory ahead of the month-end period, and downstream demand was not excessive either. Overall, both supply and demand in the market were weak, and spot premiums/discounts remained stable.