No Improvement in Consumption, Spot Premiums Under Pressure [SMM North China Spot Copper]

SMM May 19 update:

Today, spot #1 copper cathode prices in North China against the front-month contract were reported at a discount of 300 yuan/mt to a discount of 200 yuan/mt, with the average discount at 250 yuan/mt, down 10 yuan/mt from the previous trading day. The average transaction price was 104,075 yuan/mt, up 140 yuan/mt from the previous trading day. After copper prices pulled back rapidly from highs, downstream buyers adopted a wait-and-see sentiment, with no notable improvement in consumption, and spot premiums remained under pressure. Today, the purchasing sentiment for copper cathode in North China was 1.82, down 0.16 from the previous trading day, while the shipments sentiment was 2.45, down 0.13 from the previous trading day ().