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Focus on the Shanghai-Guangdong price spread opening up space. During the day, Shanghai spot copper was low at the opening but rose later, with active trading. [SMM Shanghai Spot Copper]
Apr 17, 2025, at 12:08 pm
According to SMM data, Shanghai experienced a destocking of 8,000 mt this week, indicating strong sentiment for cargo pick-up downstream. Meanwhile, tight supply of copper scrap was observed, with increased demand for non-registered and non-standard sources. Non-registered sources traded at small discounts, while Russian sources traded at discounts of 70 to 50 yuan/mt. Looking ahead, under the influence of the Shanghai-Guangdong price spread, Shanghai spot copper premiums are expected to remain firm above 50 yuan/mt.
SMM April 17 News: Today, SMM #1 copper cathode spot prices against the SHFE copper 2505 contract were reported at a premium of 50-100 yuan/mt, with an average premium of 75 yuan/mt, down by 20 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 76,000 to 76,190 yuan/mt. In the morning session, copper prices opened higher near 76,200 yuan/mt but then pulled back to fluctuate between 75,910 and 76,100 yuan/mt. After 11:00 AM, prices surged again to 76,200 yuan/mt. The price spread between nearby futures contracts narrowed from 80-90 yuan/mt in the morning to 70-80 yuan/mt. The import loss for the SHFE copper nearby contract slightly widened to 578.39 yuan/mt.
During the day, the market showed a pattern of low opening and high closing, with active trading. In the second trading session, low-priced goods were hard to find, and the market's trading center significantly shifted upward. In the early morning session, suppliers quoted mainstream parity premiums of 50-80 yuan/mt, with high-quality copper premiums at 100-120 yuan/mt. Small quantities of Peruvian and Polish goods arrived, with some actively traded at a premium of 60 yuan/mt. Goods from Tiefeng, Dajiang, and Zhongtiaoshan were also actively purchased at premiums of 40-60 yuan/mt. Demand for high-quality copper was relatively moderate, with trades at a premium of 80 yuan/mt. In the second trading session, as low-priced goods were absorbed, all brands in the market raised their quotes. Zijin and Dajiang PC were traded at premiums above 70 yuan/mt, while JCC was traded at premiums of 80-90 yuan/mt. Honglu warrants increased from premiums of 30-40 yuan/mt to 50 yuan/mt. The trading center continued to shift upward throughout the day, and with the widening of premiums in South China, Shanghai spot copper premiums remained firm under the influence of the Shanghai-Guangdong price spread.
According to SMM data, Shanghai destocked 8,000 mt this week, indicating strong downstream cargo pick-up sentiment. Meanwhile, the tight supply of copper scrap was noted, with increased demand for non-registered and non-standard goods. Non-registered goods were traded at small discounts during the day, while Russian goods were traded at discounts of 70-50 yuan/mt. Looking ahead, under the influence of the Shanghai-Guangdong price spread, Shanghai spot copper premiums are expected to remain firm above 50 yuan/mt.
