Copper Prices Rebound, Downstream Buying Interest Cools Again, Spot Premiums/Discounts Under Pressure [SMM North China Spot Copper]

SMM Jan. 12:

Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 450-310 yuan/mt today, with the average discount at 380 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 102,450-103,140 yuan/mt, with the average price at 102,795 yuan/mt, up 2,855 yuan/mt from the previous trading day. As copper prices rebounded, downstream buying interest cooled again. Under the current market contradictions, spot premiums/discounts failed to follow the rise despite the approaching delivery date. Today, purchasing sentiment for copper cathode in North China was 1.28, down 0.31 from the previous trading day, while selling sentiment was 1.51, down 0.27 from the previous trading day ().