Market activity was low at month-end, while the center of copper prices continued to decline. Demand is expected to improve. [SMM spot copper in North China]

SMM reported on July 31:

Today, in North China, spot #1 copper cathode traded at a discount of 140 yuan/mt to 80 yuan/mt against the front-month contract, with an average discount of 110 yuan/mt, up 10 yuan/mt from the previous trading day. The transaction prices ranged from 78,180 yuan/mt to 78,370 yuan/mt, with an average price of 78,275 yuan/mt, down 725 yuan/mt from the previous trading day. On the last trading day of July, trading activity in the spot market was relatively sluggish, dominated by small spot orders. As the center of copper prices continues to decline, downstream demand is expected to improve in the future, providing suppliers with the motivation to refuse to budge on prices.