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Producers Offer Discounts to Clear Inventory; Spot Premiums/Discounts Plummet for SMM North China Spot Copper
Dec 27, 2024, at 11:22 am
SMM, December 27: Today, spot copper cathode in North China was quoted at a discount of 380-220 yuan/mt against the front-month contract, with an average discount of 300 yuan/mt, down 120 yuan/mt from the previous trading day. Transaction prices ranged from 73,820 to 74,120 yuan/mt, with an average price of 73,970 yuan/mt, down 65 yuan/mt from the previous trading day. Today, downstream buyers have mostly closed their accounts and showed almost no purchasing demand, while upstream producers negotiated discounts with traders to clear inventory, leading to a sharp drop in spot premiums/discounts.
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