SMM News on July 4:
Today, spot premiums for SMM #1 copper cathode against the July 2507 contract were reported at 70-160 yuan/mt, with an average premium of 115 yuan/mt, unchanged from the previous trading day. The SMM #1 copper cathode price ranged from 80,430 to 80,640 yuan/mt. In the morning session, the SHFE copper 2506 contract continued to decline from 80,800 yuan/mt, falling to around 80,350 yuan/mt near 11 a.m. The price spread between futures contracts (BACK) fluctuated within the range of 230-270 yuan/mt.
Spot market quotes remained largely unchanged from yesterday, but mainstream standard-quality copper and high-quality copper remained tight, with quotes remaining firm. Russian cargoes arrived this week, distributed among large traders, with Russian transactions closing at around a discount of 50 yuan/mt, dragging down non-registered prices.
Looking ahead to next week, copper prices are expected to adjust, and spot premiums for SHFE copper are expected to stop falling and stabilize.
