Downstream weekend stockpiling purchases recovered, and holders held prices firm and pushed up North China spot copper discounts [SMM North China Spot Copper]

SMM, July 3:

Spot #1 copper cathode in North China was quoted at an average discount of 130–70 yuan/mt against the front-month contract today, with the average discount standing at 120 yuan/mt, up 20 yuan/mt from the previous trading day. The average transaction price was 102,015 yuan/mt, an increase of 685 yuan/mt from the previous trading day. On Friday, downstream users engaged in light stockpiling for the weekend, leading to a modest recovery in purchasing sentiment. Limited availability of spot cargoes in the market and suppliers’ firm stance on holding prices drove spot discounts to narrow further. The purchasing sentiment index for copper cathode in North China stood at 2.45 today, up 0.01 from the previous trading day, while the shipment sentiment index remained unchanged at 2.48 ().