Futures pulled back, stimulating sporadic purchases, and North China spot premiums slightly rebounded [SMM North China Copper Spot]

SMM July 24:

Spot prices of #1 copper cathode in North China against the front-month contract were quoted at premiums ranging from 70 yuan/mt to 150 yuan/mt, with an average premium of 110 yuan/mt, up 5 yuan/mt from the previous trading day. The average transaction price was 104,985 yuan/mt, down 1,285 yuan/mt from the previous trading day. Futures pulled back noticeably, and downstream procurement sentiment recovered somewhat. However, constrained by the off-season demand, room for procurement growth was limited. As the month-end approached, suppliers' willingness to sell cooled, and the futures pullback boosted their sentiment to hold prices firm, leading to a slight recovery in market transactions and pushing spot premiums in North China to edge up. Today, the procurement sentiment for copper cathode in North China was 1.55, up 0.04 from the previous trading day, and the selling sentiment was 2.75, down 0.03 ().