North China Spot Copper Cathode Shifts to Discount Amid Double Suppression

Spot copper cathode in North China shifted from a premium to a discount this week, with suppliers' overall willingness to sell rising initially but easing near the delivery date.

The price spread between futures contracts widened, creating double suppression for end-users due to high copper prices and the spread. As of Thursday, spot copper cathode was quoted at a 130-50 yuan/mt discount, down 210 yuan/mt from last week's average.

Market acceptance remained weak throughout the week, with only a small amount of just-in-time buying at lows while most participants stayed on the sidelines awaiting delivery. Downstream fear of high prices persisted, suppressing end-user purchasing sentiment and causing market trading to stay sluggish.