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The Trading Atmosphere in the Market for Cargoes With Invoices Dated Next Month Is Lukewarm, and Spot Premiums Edge Down Slightly [SMM Shanghai Spot Copper]
Feb 26, 2025, at 2:16 pm
[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a discount of 160-130 yuan/mt against the front-month contract, while high-quality copper was quoted at a discount of 130-100 yuan/mt. Spot premiums slightly declined during the day, and both buyers and sellers in the market were inactive. In the short term, copper prices have become an obstacle to destocking by processing material enterprises. If copper prices continue to rise under the influence of the overseas market, February spot premiums are expected to remain at low levels.
SMM, February 26: Today, spot #1 copper cathode was quoted at a discount of 160-110 yuan/mt against the SHFE 2503 contract, with an average price at a discount of 135 yuan/mt, down 15 yuan/mt from the previous trading day. Standard-quality copper was traded at 76,830-77,020 yuan/mt, while high-quality copper was traded at 76,860-77,040 yuan/mt. The SHFE copper 2503 contract opened higher in the morning but moved downwards. After testing 77,250 yuan/mt at the beginning of the session, it fluctuated downward and fell below 77,000 yuan/mt by the end of the morning session. The price spread between the SHFE copper 2503 and 2504 contracts fluctuated between a backwardation of 110-150 yuan/mt.
With the execution of long-term contracts for this month gradually coming to an end, the market saw a decline in premiums as trading shifted to cargoes with invoices dated next month. At the beginning of the session, suppliers quoted mainstream standard-quality copper at a discount of 140-120 yuan/mt against next-month invoices, while high-quality copper was quoted at a discount of 130-100 yuan/mt. Suppliers reported difficulties in selling, as weak demand forced market premiums downward. During the main trading session, mainstream standard-quality copper was traded at a discount of 160-130 yuan/mt against next-month invoices, while high-quality copper was traded at a discount of 130-110 yuan/mt. Hydro copper was quoted at a discount of around 220 yuan/mt against next-month invoices, with limited transactions. By 11 a.m., spot premiums in the Shanghai region stabilized, but downstream buyers sought procurement from surrounding areas.
Spot premiums saw a slight decline during the day, with both buyers and sellers remaining inactive. In the short term, copper prices have become an obstacle to destocking for processing enterprises. If copper prices continue to rise under the influence of the overseas market, spot premiums in February are expected to remain at low levels.
