Upstream Maintenance Expected to Tighten Market Supply, Spot Premiums/Discounts Rise [SMM North China Spot Copper]

SMM September 19:

Today, spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 60-100 yuan/mt, with an average discount of 80 yuan/mt, up 40 yuan/mt from the previous trading day. Transaction prices ranged from 79,800 to 79,880 yuan/mt, with an average of 79,840 yuan/mt, up 40 yuan/mt from the previous trading day. Copper prices stopped falling and rebounded today, and downstream restocking demand continued to recover. Meanwhile, upstream smelters are about to undergo maintenance, and spot supply tightened after long-term contract deliveries, with strong reluctance to budge on prices pushing spot premiums/discounts higher. Today, purchasing sentiment for copper cathode in North China was 2.03, up 0.19 from the previous trading day, while selling sentiment was 1.96, down 0.41 ().