SMM reported on July 15:
Today, in North China, spot premiums/discounts for #1 copper cathode against the front-month contract ranged from a discount of 120 yuan/mt to a discount of 100 yuan/mt, with an average discount of 110 yuan/mt, up 100 yuan/mt from the previous trading day. The transaction price ranged from 77,580 yuan/mt to 77,950 yuan/mt, with an average price of 77,765 yuan/mt, down 500 yuan/mt from the previous trading day. According to SMM's methodology, spot copper cathode in North China was quoted against the front-month contract today. On the day of contract rollover delivery, the price spread between futures contracts reversed, leading to a significant increase in spot premiums/discounts. However, trading activity remained low. Nevertheless, as the center of copper prices pulled back, downstream demand saw some recovery.
