Post-holiday market returns to delivery logic, spot premiums/discounts rebound [SMM North China Spot Copper]

SMM Jan. 5:

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 220-180 yuan/mt, with an average discount of 200 yuan/mt, up 300 yuan/mt from the previous trading day. Transaction prices ranged from 100,060 to 100,620 yuan/mt, with an average of 100,340 yuan/mt, up 1,830 yuan/mt from the previous trading day. On the first trading day after the holiday, copper prices rebounded above 100,000 yuan/mt, but downstream demand remained weak with limited restocking interest. However, as the market entered January and shifted focus to delivery logic, spot premiums/discounts saw a significant rebound. In North China today, the procurement sentiment for copper cathode was 1.17, up 0.16 from the previous trading day, while the sales sentiment was 1.08, up 0.03 from the previous trading day ().