Year-end pressure on suppliers emerges, spot premiums/discounts further decline [SMM North China Spot Copper]

SMM December 19:

Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 470-350 yuan/mt, with an average discount of 410 yuan/mt, down 50 yuan/mt from the previous trading day. Transaction prices ranged from 91,880 to 92,320 yuan/mt, with an average of 92,100 yuan/mt, up 80 yuan/mt from the previous trading day. As the year-end approaches, demand has not improved, suppliers face significant inventory pressure and hold pessimistic expectations for the future market, leading to a further collapse in spot premiums/discounts. Today in North China, the procurement sentiment for copper cathode was 1.43, up 0.02 from the previous trading day, while the sales sentiment was 2.67, up 0.32 from the previous trading day ().