SMM May 21 Report:
Today, in North China, spot premiums/discounts for #1 copper cathode against the front-month contract ranged from a discount of 30 yuan/mt to a premium of 30 yuan/mt, with an average price on par with the contract. This represents a decrease of 50 yuan/mt compared to the previous trading day. The transaction prices ranged from 78,060 to 78,310 yuan/mt, with an average price of 78,185 yuan/mt, up 185 yuan/mt from the previous trading day. As the center of copper prices shifted higher, downstream consumption was somewhat suppressed. Additionally, the current period is the off-season for consumption in the northern market, leading to a gradual weakening in demand and a significant drop in spot premiums/discounts.
