SMM News on July 3:
Today, in North China, spot #1 copper cathode is trading at a discount of 180 yuan/mt to 100 yuan/mt against the front-month contract, with an average discount of 140 yuan/mt, unchanged from the previous trading day. The transaction price ranges from 80,620 yuan/mt to 80,830 yuan/mt, with an average price of 80,725 yuan/mt, down 5 yuan/mt from the previous trading day. Consumption has been suppressed by the rise in copper prices, leading to an increase in finished product inventories and a decrease in demand for copper processing enterprises. Meanwhile, upstream producers have shipped their supplies to other regions or for export. As a result, both supply and demand in the spot market are weak, with only sporadic transactions.
