Copper prices fluctuate rangebound, while the spot market continues to show a mediocre trading pattern [SMM spot copper in North China]

SMM News on August 8:

Today, in North China, spot premiums/discounts for #1 copper cathode against the front-month contract ranged from a discount of 140 yuan/mt to a discount of 100 yuan/mt, with an average discount of 120 yuan/mt, unchanged from the previous trading day. The transaction price ranged from 78,240 yuan/mt to 78,340 yuan/mt, with an average price of 78,290 yuan/mt, up 20 yuan/mt from the previous trading day. Today, downstream buyers still focused on just-in-time procurement, and spot premiums/discounts remained stable. If copper prices continue to consolidate sideways, it is expected that market activity will not significantly increase in the short term. It is worth noting that the Shanghai Cooperation Organization (SCO) Summit will be held in Tianjin at the end of August, and local logistics and transportation, as well as enterprise production, may be subject to control measures at that time.