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Contango spread widens as delivery approaches, market sentiment remains pessimistic after contract rollover [SMM spot copper in North China]
May 14, 2025, at 11:24 am
Today, spot #1 copper cathode in North China traded at a discount of 480 yuan/mt to 280 yuan/mt against the front-month contract, with an average discount of 380 yuan/mt, a decrease of 30 yuan/mt from the previous trading day. The transaction prices ranged from 78,330 yuan/mt to 78,770 yuan/mt, with an average price of 78,550 yuan/mt, an increase of 735 yuan/mt from the previous trading day.
SMM News on May 14:
Today, in North China, spot #1 copper cathode was trading at a discount of 480 yuan/mt to 280 yuan/mt against the front-month contract, with an average discount of 380 yuan/mt, a decrease of 30 yuan/mt from the previous trading day. The transaction prices ranged from 78,330 yuan/mt to 78,770 yuan/mt, with an average price of 78,550 yuan/mt, an increase of 735 yuan/mt from the previous trading day. With only one trading day left until the delivery date, participants in the North China market have already started quoting prices for the next-month contract. However, the rising copper prices and weak downstream demand are expected to make it difficult to sustain high premium prices for the next-month contract.
