Downstream players are stockpiling, while suppliers refuse to budge on prices. Spot premiums/discounts are rising [SMM spot copper in North China].

SMM News on August 14:

Today, spot #1 copper cathode in North China is trading at a discount of 90 yuan/mt to 80 yuan/mt against the front-month contract, with an average discount of 70 yuan/mt, up 30 yuan/mt from the previous trading day. The transaction price ranges from 79,090 yuan/mt to 79,220 yuan/mt, with an average price of 79,155 yuan/mt, down 20 yuan/mt from the previous trading day. As the Shanghai Cooperation Organization (SCO) summit is scheduled to be held in Tianjin at the end of August, there are expectations of production control measures for local copper processing enterprises. This has prompted enterprises to stockpile now, and suppliers are actively refusing to budge on prices, leading to an increase in spot premiums/discounts. However, actual end-use consumption has shown a mediocre performance. Today, the purchasing sentiment for copper cathode in North China is 2.35, up 0.40 from yesterday, while the selling sentiment is 1.95, up 0.07 from yesterday ().