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Wider price spread between futures contracts, weak downstream buying interest, and lower spot premiums/discounts [SMM spot copper in North China]
Apr 28, 2025, at 11:13 am
Today, spot #1 copper cathode in North China was trading at a discount of 100 to 60 yuan/mt against the front-month contract, with an average discount of 80 yuan/mt, a decrease of 60 yuan/mt from the previous trading day. The transaction prices ranged from 77,190 to 77,420 yuan/mt, with an average price of 77,305 yuan/mt, a decrease of 640 yuan/mt from the previous trading day.
SMM, April 28:
Today, spot #1 copper cathode in North China traded at a discount of 100-60 yuan/mt against the front-month contract, with an average discount of 80 yuan/mt, a decrease of 60 yuan/mt from the previous trading day. The transaction prices ranged from 77,190 to 77,420 yuan/mt, with an average price of 77,305 yuan/mt, down 640 yuan/mt from the previous trading day. Affected by the widening price spread between futures contracts and restricted funding at month-end, downstream procurement sentiment was poor. Spot premiums/discounts in North China fell rapidly, and currently, there has been no significant pre-holiday stockpiling activity by downstream players.
