Spot supply was tight and suppliers refused to budge on prices [SMM North China spot copper]

SMM News on August 21:

Today, spot #1 copper cathode in North China is trading at a discount of 70 yuan/mt to 30 yuan/mt against the front-month contract, with an average discount of 50 yuan/mt, up 10 yuan/mt from the previous trading day. The transaction price ranges from 78,540 yuan/mt to 78,640 yuan/mt, with an average price of 78,590 yuan/mt, up 70 yuan/mt from the previous trading day. Affected by logistics control in North China and the upcoming maintenance of upstream smelters, suppliers have strong confidence in refusing to budge on prices. Downstream companies are focusing on picking up goods under long-term contracts, and the current spot supply in the market is relatively tight. Today, the purchasing sentiment for copper cathode in North China is 1.97, up 0.02 from the previous trading day, while the selling sentiment is 1.58, down 0.17 from the previous trading day ().