The spot market is sluggish, and spot premiums/discounts continue to hold steady [SMM spot copper in North China]

SMM News on August 7:

Today, spot #1 copper cathode in North China traded at a discount of 140 yuan/mt to 100 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, unchanged from the previous trading day. The transaction price ranged from 78,200 yuan/mt to 78,340 yuan/mt, with an average price of 78,270 yuan/mt, up 140 yuan/mt from the previous trading day. Spot premiums/discounts remained stable this week, with downstream enterprises focusing on just-in-time procurement and executing cargo pick-up under long-term contracts. Upstream inventory was low, and the willingness to sell was moderate, resulting in sluggish trading activity in the spot market.