SMM May 9 report:
Today, in North China, the spot prices of #1 copper cathode against the front-month contract ranged from a discount of 400 yuan/mt to a discount of 200 yuan/mt, with an average discount of 300 yuan/mt. This represents a decrease of 200 yuan/mt compared to the previous trading day. The transaction prices ranged from 77,650 yuan/mt to 78,000 yuan/mt, with an average price of 77,825 yuan/mt, down 285 yuan/mt from the previous trading day. As the price spread between futures contracts continues to widen, downstream demand remains weak. Some suppliers are selling off their inventory at low prices, continuously lowering spot premiums/discounts to secure transactions, resulting in significant price spreads in the market.
