SMM December 11 news:
Today, the spot price of SMM #1 copper cathode against the current month 2512 contract was quoted at a discount of 50 yuan/mt to a premium of 60 yuan/mt, with an average premium of 5 yuan/mt, down 25 yuan/mt from the previous trading day. The SMM #1 copper cathode price was 92,400-92,930 yuan/mt. In early trading, the SHFE copper 2512 contract surged to 92,930 yuan/mt before giving up gains.
Procurement sentiment significantly declined during the day, with downstream users expected to halt purchases facing copper prices of 93,000 yuan/mt. Due to the year-end and approaching delivery of the SHFE copper 2512 contract, selling sentiment was pronounced during the day. From the start of morning trading, suppliers offered at a discount, with high-quality copper premiums falling from 80 yuan/mt to 30 yuan/mt. Non-registered sources, impacted by copper scrap, saw prices drop to a discount of 300 yuan/mt.
Looking ahead to tomorrow, downstream procurement sentiment is expected to improve on Friday, but overall, the trading center for SHFE copper is unlikely to rebound.
