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The Price Spread Between Futures Contracts Expanded, A Large Amount of Spot Copper Was Registered as Warehouse Warrants, and Suppliers Showed Weak Selling Willingness [SMM Shanghai Spot Copper]
Feb 07, 2025, at 11:52 am
[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a discount of 40 yuan/mt to parity against the front-month contract, while high-quality copper was quoted at parity to a premium of 20 yuan/mt. The widening price spread between futures contracts in the early session increased suppliers' willingness to hold cargoes. Recently, downstream raw material and finished product inventories have remained relatively high, and the destocking of social inventories has been weak before the recovery of end-use demand. However, suppliers hold a relatively tight outlook on future supply and are reluctant to sell at low prices. Premiums are expected to stabilize and operate steadily tomorrow.
SMM News, February 7: Today, #1 copper cathode spot prices against the SHFE 2502 contract were quoted at a discount of 40 yuan/mt to a premium of 20 yuan/mt, with an average price at a discount of 10 yuan/mt, down 20 yuan/mt from the previous trading day. Standard-quality copper transaction prices ranged from 76,360 to 76,850 yuan/mt, while high-quality copper transaction prices ranged from 76,400 to 76,870 yuan/mt. The SHFE copper 2502 contract opened higher and moved upward during the morning session, climbing from around 76,050 yuan/mt at the start of trading to above 76,900 yuan/mt before the end of the morning session, and closing near 76,960 yuan/mt. The price spread between the SHFE copper 2502 and 2503 contracts fluctuated between 140 yuan/mt and 180 yuan/mt.
The widening of the inter-month price spread in the early market increased suppliers' willingness to hold inventory, limiting the downside room for premiums. At the start of trading, suppliers quoted mainstream standard-quality copper at parity to a premium of 20 yuan/mt, while high-quality copper was quoted at a premium of 20 yuan/mt to 40 yuan/mt. Due to the widening inter-month price spread, most suppliers opted to register their spot cargoes as warehouse warrants for delivery, resulting in no significant increase in market circulation. During the main trading session, premiums continued to decline, with mainstream standard-quality copper transacted at a discount of 20 yuan/mt to parity, and high-quality copper transacted in small volumes at a premium of 10 yuan/mt to 20 yuan/mt. Hydro copper was scarce, with few offers available. By 11:00 a.m., spot premiums continued to fall, with mainstream standard-quality copper transacted at a discount of 40 yuan/mt to 30 yuan/mt, and high-quality copper concentratedly transacted at parity to a premium of 10 yuan/mt.
Recently, downstream raw material and finished product inventories have remained high, and social inventory destocking has been weak before the recovery of end-use demand. However, suppliers maintained a relatively tight outlook on future supply and were reluctant to sell at low prices. Spot premiums are expected to stabilize tomorrow.
