SMM November 11 News:
Today, spot prices of SMM #1 copper cathode against the current month 2511 contract were at a discount of 20 yuan/mt to a premium of 130 yuan/mt, with the average price quoted at a premium of 55 yuan/mt, unchanged from the previous trading day. The SMM #1 copper cathode price ranged from 86,610 to 86,920 yuan/mt. In early trading, the SHFE copper 2511 contract surged briefly to 87,000 yuan/mt before giving up gains and falling below the daily average line, dropping to around 86,630 yuan/mt near 11 a.m.
Intraday procurement and sales sentiment shifted, with purchasing sentiment declining. Downstream feedback indicated that copper prices had a significant impact on new orders. As the price center edged up slightly during the day, the growth in new orders moderated. Procurement sentiment for copper cathode in the Shanghai region was 3.05, while sales sentiment was 3.22. In the morning session, suppliers initially offered standard-quality copper at a premium of 20-50 yuan/mt, which continued to decline. Although copper prices briefly touched 87,000 yuan/mt, counteroffer sentiment was evident in the market, with transactions for brands like Tiefeng, Zhongtiaoshan, and Zhongjin concluded at small discounts.
Looking ahead to tomorrow, as inventory in the Shanghai region gradually declines, supplier quotations are expected to remain relatively stable, and the discount is anticipated to have limited room for expansion.
