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At the beginning of the month, the market saw active offers and a recovery in transactions, with a small amount of low-priced cargo guiding the premium to drop slightly. [SMM Shanghai Spot Copper]
Apr 01, 2025, at 12:46 pm
【SMM Spot Copper】During the day, mainstream standard-quality copper was quoted at a discount of 10 yuan/mt to a premium of 20 yuan/mt against the front-month contract, while high-quality copper was quoted at a premium of 10 yuan/mt to 30 yuan/mt. After the return to trading of cargoes with invoices dated this month, market sentiment for selling significantly increased, with active offers and improved transactions in the morning session. Downstream pickup volume also improved compared to before, and spot demand for copper showed a short-term recovery following last week's pullback. It is expected that the premium will continue to rise tomorrow.
SMM April 1 News: Today, spot prices of #1 copper cathode against the SHFE copper 2504 contract were reported at a discount of 10 yuan/mt to a premium of 30 yuan/mt, with an average premium of 10 yuan/mt, down 5 yuan/mt from the previous trading day. The transaction prices of standard-quality copper ranged from 79,830 to 80,190 yuan/mt, while those of high-quality copper ranged from 79,850 to 80,200 yuan/mt. The SHFE copper 2504 contract opened lower and then rose in the morning session, testing 79,820 yuan/mt at the beginning before fluctuating upward and returning above 80,000 yuan/mt before the end of the morning session, reaching a high of 80,190 yuan/mt during the session. The price spread between the SHFE copper 2504 and 2505 contracts fluctuated between Contango 10 and BACK 30 yuan/mt. The market was active in the morning session, with spot transactions warming up. Increased shipments led to a slight decline in premiums, but the overall center remained stable. At the beginning of the session, suppliers quoted standard-quality copper at a discount of 10 yuan/mt to a premium of 20 yuan/mt, while high-quality copper was quoted at a premium of 10 yuan/mt to 30 yuan/mt. Suppliers were active in selling, and a small number of low-priced transactions guided premiums downward. During the main trading period, standard-quality copper transactions were reported at a discount of 10 yuan/mt to a premium of 20 yuan/mt, while high-quality copper transactions were reported at a premium of 10 yuan/mt to 30 yuan/mt. SX-EW copper transactions were reported at a discount of 50 yuan/mt. Imported non-registered sources were also frequently traded, and downstream purchases included both rigid demand and restocking. Spot premiums stabilized before 11:00 AM. After returning to transactions with invoices dated this month, market sentiment for selling increased significantly, with active quotations and warming transactions in the morning session. Downstream pickup volume also improved compared to before. Copper prices pulled back last week, and spot demand has shown short-term recovery, with premiums expected to continue rising tomorrow.
