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.

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.