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Copper prices stabilized at highs, while SHFE copper destocking showed a significant increase with firm premiums. [SMM Shanghai spot copper]
Apr 25, 2025, at 12:56 pm
【SMM Spot Copper】Downstream purchasing sentiment weakened during the day, as large factories have already started stockpiling for the Labour Day holiday, while small and medium-sized factories may begin next week. Destocking continued yesterday, with tight supply of circulating goods in Shanghai and limited replenishment of imported copper, prompting suppliers to maintain a firm stance on quotes.
SMM April 25 News: Today, the spot prices of SMM #1 copper cathode against the SHFE copper 2505 contract were reported at a premium of 150-200 yuan/mt, with an average premium of 175 yuan/mt, up by 10 yuan/mt from the previous trading day. The price of SMM #1 copper cathode ranged from 78,060 to 78,230 yuan/mt. In the morning session, the SHFE copper 2505 contract surged to 78,000 yuan/mt before pulling back to 77,900 yuan/mt, then rallied again and traded above 78,000 yuan/mt after 11:00 AM. The price spread between futures contracts mainly ranged from 200-240 yuan/mt. At the beginning of the session, suppliers maintained yesterday's quotes, with mainstream standard-quality copper at a premium of 160-180 yuan/mt, and deals for Lufang and JCC were mainly concluded at a premium of 170 yuan/mt. High-quality copper stood firm at a premium of 180-200 yuan/mt but saw limited transactions. Subsequently, a small amount of low-priced Dajiang PC was quickly traded at a premium of 130 yuan/mt, and only sources with a premium of 140-150 yuan/mt remained during the mainstream trading period. Non-registered sources were at a premium of 50-90 yuan/mt, while registered SX-EW sources remained tight. Downstream purchasing sentiment weakened during the day, as large factories had already started stockpiling for the Labour Day holiday, and small and medium-sized factories may start next week. Destocking continued yesterday, with tight supply in the Shanghai region and limited replenishment of imported copper, leading suppliers to maintain a firm stance on quotes.
