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As contract rollover approaches, downstream procurement sentiment remains flat, and spot premiums/discounts weaken [SMM spot copper in North China]

  • Jul 11, 2025, at 11:19 am
Today, spot #1 copper cathode in North China traded at a discount of 250 yuan/mt to 170 yuan/mt against the front-month contract, with an average discount of 210 yuan/mt, a decrease of 20 yuan/mt from the previous trading day. The transaction prices ranged from 78,460 yuan/mt to 78,610 yuan/mt, with an average price of 78,535 yuan/mt, an increase of 125 yuan/mt from the previous trading day.

SMM News on July 11:

Today, in North China, spot #1 copper cathode is trading at a discount of 250 yuan/mt to 170 yuan/mt against the front-month contract, with an average discount of 210 yuan/mt, down 20 yuan/mt from the previous trading day. The transaction price ranges from 78,460 yuan/mt to 78,610 yuan/mt, with an average price of 78,535 yuan/mt, up 125 yuan/mt from the previous trading day. As the delivery date approaches, downstream buying interest remains weak due to the price spread between futures contracts, and spot premiums/discounts have weakened. Although copper prices have fallen this week, they have not yet met downstream expectations amid the off-season, resulting in low market trading activity.

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