Spot premiums/discounts have returned to low levels, with downstream players adopting a wait-and-see attitude. [SMM North China Spot Copper]

SMM Jan. 16:

Today, spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 450-350 yuan/mt, with an average discount of 400 yuan/mt, down 200 yuan/mt from the previous trading day. Transaction prices ranged from 100,970 to 102,190 yuan/mt, with an average of 101,580 yuan/mt, down 610 yuan/mt from the previous trading day. Affected by the price spread between futures contracts, spot premiums/discounts returned to low levels after delivery. Copper prices pulled back again today, downstream wait-and-see sentiment intensified with weak restocking willingness, and market transactions remained sluggish. Today, the purchasing sentiment for copper cathode in North China was 1.29, up 0.04 from the previous trading day, while the selling sentiment was 1.58, up 0.16 from the previous trading day ().