In North China, spot #1 copper cathode against the front-month contract was quoted at a discount range of 280-220 yuan/mt, averaging a discount of 255 yuan/mt, down 50 yuan/mt from the previous trading day; the average transaction price was 108,300 yuan/mt, up 640 yuan/mt from the previous trading day;

[SMM Daily Review: Silver Prices Continued to Rise but Spot Discounts Widened, Market Awaits CPI Guidance] SMM reported on August 11, cooling rate hike expectations combined with buying support pushed silver prices to drift higher. In the spot market, higher silver prices curbed downstream demand, with transactions gradually shifting to discounts, and the market focused on guidance from today’s CPI data.

SMM, August 10: In early trading, the SHFE aluminum 2608 contract continued to run at high levels. Prices above 24,000 yuan/mt somewhat suppressed downstream purchases, while trading among traders was relatively active. Today, the main transaction center for SHFE aluminum spot premiums was between 8-40 yuan/mt and 08-20 yuan/mt. SHFE aluminum futures continued to rise. Spot trading sentiment in central China slightly cooled. Downstream processing enterprises, constrained by insufficient orders and the continuous rise in aluminum prices, showed overall low purchase willingness, with only trading firms engaging in both spot and futures markets making arbitrage purchases. However, against the backdrop of rapidly narrowing premiums, sellers increased shipments, and quote firmness fell. Eventually, the actual transaction price range in central China concentrated at a discount of 120-140 yuan/mt against the SHFE aluminum August contract. Inventory side, today, aluminum ingot inventory in major consumption areas fell by 7,000 mt MoM, with Guangdong, Wuxi, and Gongyi all seeing destocking.

Today, in North China, spot #1 copper cathode prices against the front-month contract averaged a discount range of 230 yuan/mt to 180 yuan/mt, with an average discount of 205 yuan/mt, down 55 yuan/mt from the previous trading day. The average transaction price was 107,660 yuan/mt, down 540 yuan/mt from the previous trading day.

Today, spot prices of #1 copper cathode in North China against the front-month contract were quoted at an average discount of 180 yuan/mt to 120 yuan/mt, with an average discount of 150 yuan/mt, a decrease of 85 yuan/mt from the previous trading day; the average transaction price was 108,200 yuan/mt, an increase of 285 yuan/mt from the previous trading day.

In North China, as of this Thursday, spot discounts were at 100-30 yuan/mt, with an average discount of 65 yuan/mt, down 155 yuan/mt from last Thursday. During the week, spot premiums quickly flipped to discounts, and the continuous surge in futures prices put notable pressure on the market. Under the dual impact of the traditional demand off-season and elevated copper prices, downstream purchase willingness weakened steadily this week, market inquiries were sluggish, and only sporadic rigid-demand transactions occurred. Suppliers' willingness to sell rose steadily, but end-user buying remained weak, resulting in a supply-demand imbalance. Overall trading was thin with low activity, pushing spot discounts to widen further. Looking ahead, the high copper price environment and ongoing off-season demand are expected to persist, making it difficult for end-use demand to recover significantly. Spot premiums for copper cathode in North China are expected to stay under pressure.