In North China today, spot #1 copper cathode prices against the front-month contract were quoted at discounts of 420-350 yuan/mt, with an average discount of 385 yuan/mt, unchanged from the previous trading day; the average transaction price was 107,830 yuan/mt, down 40 yuan/mt from the previous trading day.

In North China, as of this Thursday, discounts were 420-350 yuan/mt, with an average discount of 385 yuan/mt, down 320 yuan/mt from last Thursday. The market was in the traditional consumption off-season, and with copper prices fluctuating at highs and a weak price spread between futures contracts, end-user purchase willingness remained suppressed; market inquiries were scarce, with only sporadic need-based trades. Suppliers proactively made price concessions to sell, but end-user purchases were sluggish. Some traders stayed on the sidelines awaiting delivery-related market conditions, and the weak supply-demand structure drove discounts to widen further. Looking ahead, the combination of high copper prices, weak off-season demand, and a weak price spread between futures contracts is unlikely to improve in the near term, and end-user purchases may remain sluggish. Next week, spot copper cathode trading in North China is expected to be sluggish, with discounts remaining deep and under pressure.

[Guangdong: Transactions Were Average, Spot Discounts Widened] Guangdong #0 zinc was mainly traded at 25,480-25,670 yuan/mt. Mainstream brands were quoted at discounts of 100-70 yuan/mt against the 2609 contract, and at a discount of 45 yuan/mt against Shanghai spot zinc. The Shanghai-Guangdong price spread narrowed...

In North China today, spot #1 copper cathode prices were quoted against the front-month contract at a discount of 420-350 yuan/mt, with the average discount at 385 yuan/mt, down 80 yuan/mt from the previous trading day; the average transaction price was 107,870 yuan/mt, down 360 yuan/mt from the previous trading day.

In North China today, spot #1 copper cathode prices against the front-month contract were quoted at discounts of 350-260 yuan/mt, with an average discount of 305 yuan/mt, down 50 yuan/mt from the previous trading day. The average transaction price was 108,230 yuan/mt, down 70 yuan/mt from the previous trading day.

[Bullish Futures Pattern Continues, Short-Term Aluminum Prices to Hold Up Well] Based on comprehensive assessment, while the Middle East situation remains divergent and the US Fed, though not raising rates in July, still takes a hawkish overall stance, the fundamental deficit continues and aluminum ingot inventory draws down, so short-term aluminum prices are expected to consolidate on a strong note.