The price spread between futures contracts widened during the delivery month, with weak buying interest from downstream [SMM spot copper in North China]

SMM News on August 15:

Today, in North China, spot #1 copper cathode is trading at a discount of 100 yuan/mt to 60 yuan/mt against the front-month contract, with an average discount of 80 yuan/mt, a decrease of 10 yuan/mt from the previous trading day. The transaction prices range from 78,870 yuan/mt to 78,980 yuan/mt, with an average price of 78,925 yuan/mt, a decrease of 230 yuan/mt from the previous trading day. According to SMM's methodology, spot copper cathode in North China is quoted against the front-month contract today. On the day of contract rollover and delivery, in the morning, with relatively small price spreads between futures contracts, suppliers mostly quote discounts of several tens of yuan/mt to a hundred yuan/mt against the next-month contract. However, as the backwardation structure widens, suppliers raise their quotes for the next-month contract, and downstream buying interest is low, but there is basically not much trading volume. Today, the purchasing sentiment for copper cathode in North China is 2.13, a decrease of 0.22 from yesterday, and the selling sentiment is 1.92, a decrease of 0.03 from yesterday ().