Suppliers cut prices to destock, spot premiums/discounts fall to low levels [SMM North China spot copper]

SMM December 18 news:

Today, in North China, the spot premiums/discounts for #1 copper cathode against the front-month contract were at a discount of 400 yuan/mt to 320 yuan/mt, with an average discount of 360 yuan/mt, down 20 yuan/mt from the previous trading day. Transaction prices ranged from 91,900 to 92,140 yuan/mt, with an average price of 92,020 yuan/mt, up 65 yuan/mt from the previous trading day. Due to weak market demand and suppliers cutting prices to seek shipments as year-end approaches, spot premiums/discounts have declined continuously. Additionally, recent orange pollution alerts and responses in Tianjin and surrounding areas have impacted factory processing and production. Today, the procurement sentiment for copper cathode in North China was 1.41, down 0.03 from the previous trading day, while the shipment sentiment was 2.35, up 0.14 from the previous trading day ().