SMM News on July 31:
Today, the spot price of SMM #1 copper cathode against the August 2508 contract is reported at a premium of 140-220 yuan/mt, with an average premium of 180 yuan/mt, up 15 yuan/mt from the previous trading day. The price range of SMM #1 copper cathode is 78,460-78,670 yuan/mt. In the early morning session, the SHFE copper 2508 contract continued to pull back from 78,700 yuan/mt, and the futures market rapidly declined to around 78,300 yuan/mt after 11 a.m. The price spread between futures contracts for different months fluctuated between a discount of 10 yuan/mt and a premium of 20 yuan/mt.
On the last trading day of the month, market supply tightened further, and both purchasing and selling sentiment declined. The mainstream premium was 140-200 yuan/mt, with a small volume of transactions at a premium of 200 yuan/mt. The supply of high-quality copper was tight, with a premium of around 200 yuan/mt. SX-EW copper was in short supply, with a premium of 40 yuan/mt. Transactions in the Changzhou region were stable at a premium of 80-100 yuan/mt.
Looking ahead to tomorrow, as it enters the first trading day of August, suppliers are expected to continue to refuse to budge on prices. However, with downstream stockpiling expected on Friday, actual transactions are expected to be better than today.
