SMM, February 19:
Today, spot copper in North China was quoted at a discount of 400-320 yuan/mt against the front-month contract, with an average discount of 360 yuan/mt, up 10 yuan/mt from the previous trading day. Transaction prices were 76,620-76,920 yuan/mt, with an average price of 76,770 yuan/mt, up 405 yuan/mt from the previous trading day. The center of copper prices pulled back to around 77,000 yuan/mt, leading to a certain recovery in overall consumption. Meanwhile, suppliers continued to reduce inventory for sales, resulting in increased market activity compared to the period before the contract rollover. However, spot premiums/discounts remained at low levels.
