SMM January 7 News:
Today, spot prices of SMM #1 copper cathode against the SHFE copper 2601 contract were quoted at a discount of 150 yuan/mt to a premium of 50 yuan/mt, with the average price quoted at a discount of 50 yuan/mt, down 30 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 102,830 to 103,990 yuan/mt. In the morning session, the SHFE copper 2601 contract fell from around 104,500 yuan/mt, twice dipping below 103,000 yuan/mt, and recovered to above 103,700 yuan/mt near the morning close. The price spread between futures contracts ranged from a contango of 200 yuan/mt to a contango of 150 yuan/mt. The import loss for the SHFE copper current month contract narrowed to between 700 and 900 yuan/mt.
In the morning session, suppliers intended to maintain yesterday's quotes, but offers for Yuguang and Zhongjin materials in Jiangsu were initially made at a discount of 100 yuan/mt, which were later pushed down to a discount of 120 yuan/mt by downstream buyers. In Shanghai, Zhongtiaoshan and other materials traded at a discount of 150-100 yuan/mt. Xiangguang, Lufang, and others traded at a discount of 20 yuan/mt to parity, followed by JCC trading at a discount of 30 yuan/mt.
Looking ahead to tomorrow, spot prices are expected to continue trading at a discount, with the lower limit of the discount likely to narrow as the delivery date approaches.
