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The Near-Month Structure Narrows with Premiums Rising, Yet Buyer Demand Remains Inactive [SMM Shanghai Spot Copper]
Feb 27, 2025, at 1:17 pm
[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a discount of 130-110 yuan/mt against the front-month contract, while high-quality copper was quoted at a discount of 100-80 yuan/mt. According to SMM, this week, inventory buildup persisted only in Shanghai and Chongqing domestically, while inventories in major consumption regions such as Guangdong and Jiangsu declined. Suppliers hold a relatively tight supply outlook for the market, and there are rumors of production cuts at some smelters. Tomorrow, premiums are expected to rebound due to stocking demand ahead of the weekend.
SMM, February 27: Today, #1 copper cathode spot prices against the SHFE 2503 contract were quoted at a discount of 130-80 yuan/mt, with an average price at a discount of 105 yuan/mt, up 20 yuan/mt from the previous trading day. Standard-quality copper traded at 76,700-76,840 yuan/mt, while high-quality copper traded at 76,730-76,870 yuan/mt. The SHFE 2503 copper contract fluctuated rangebound near 76,900 yuan/mt during the morning session, with a narrow price range. The price spread between the SHFE 2503 and 2504 contracts fluctuated at C100-C130 yuan/mt.
The near-month contango structure narrowed compared to the previous session, and suppliers raised their offers in the early market. At the beginning of trading, mainstream standard-quality copper with invoices dated next month was quoted at a discount of 110-90 yuan/mt, while high-quality copper with invoices dated next month was quoted at a discount of 90-80 yuan/mt. Although offers were raised, market buying sentiment remained weak, and transactions were still sluggish. During the main trading session, mainstream standard-quality copper with invoices dated next month was traded at a discount of 130-110 yuan/mt, while high-quality copper with invoices dated next month was traded at a discount of 100-80 yuan/mt. Hydro copper with invoices dated next month was traded at a discount of around 220 yuan/mt. By 11:00 a.m., the market's trading center stabilized, with downstream enterprises mostly making just-in-time procurement.
According to SMM, this week, inventory buildup was observed only in Shanghai and Chongqing, while inventories in major consumption regions such as Guangdong and Jiangsu declined. Suppliers held a tight supply outlook for the future, and there were rumors of production cuts at some smelters. Spot premiums are expected to rebound tomorrow due to stocking demand ahead of the weekend.
