SMM News on July 24:
Today, in North China, spot premiums/discounts for #1 copper cathode against the front-month contract ranged from a discount of 160 yuan/mt to a discount of 100 yuan/mt, with an average discount of 130 yuan/mt, a decrease of 10 yuan/mt from the previous trading day. The transaction price ranged from 79,440 yuan/mt to 79,600 yuan/mt, with an average price of 79,520 yuan/mt, an increase of 30 yuan/mt from the previous trading day. The continuous rise in copper prices during the week hindered consumption, leading to an increase in finished product inventories at processing enterprises. However, as the month-end period approached, suppliers of copper cathode had already disposed of their inventories in advance, resulting in low trading activity in the spot market and a slight decrease in spot premiums/discounts.
