SMM News on June 17:
Today, spot prices of SMM #1 copper cathode against the current-month 2507 contract were reported at a premium of 180-300 yuan/mt, with an average premium of 240
yuan/mt, up 210 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 78,620 to 78,810 yuan/mt. In the morning session, the SHFE copper 2507 contract fluctuated rangebound between 78,420 and 78,560 yuan/mt, while the price spread between futures contracts (BACK) fluctuated between 150-190 yuan/mt.
As the SHFE copper 2507 contract officially entered trading, warrants were not released. Despite the supplement of Russian supply, it was not widely purchased by downstream market participants, leading to tight spot copper availability. Spot premiums were mostly concluded around 200 yuan/mt during the day. Non-registered supply premiums ranged from 70-120 yuan/mt.
It is expected that unmatched delivery warrants will be released in advance tomorrow, and suppliers may sell at lower prices in the morning session, with the possibility of the premium center moving downward.
