SMM

Last week, spot quotes changed significantly, with the average rising before falling. Consumption was weak against higher copper prices. Copper prices exceeded 68,000 yuan/mt during the week, and downstream buying interest was suppressed. The backwardation of SHFE front-month copper contract over the SHFE next-month contract rose from around 200 yuan/mt ahead of the delivery. Sellers cut prices as downstream buyers pushed for lower prices, causing spot premiums to slump.