Today, SMM's #1 copper cathode spot prices against the current month 2602 contract were quoted at a discount of 220 yuan/mt to parity, with the average price at a discount of 110 yuan/mt, up 15 yuan/mt from the previous trading day; SMM's #1 copper cathode prices ranged from 100,590 to 101,290 yuan/mt. In early trading, the SHFE copper 2602 contract first rose, then fell, and gradually stabilized and rebounded. It opened at 101,070 yuan/mt, rose multiple times to a high of 101,400 yuan/mt, then declined, testing a low of 100,700 yuan/mt twice, before gradually stabilizing and showing a rebound trend. By the close, the price was 101,160 yuan/mt. The contango spread between nearby contracts was between 250 and 200 yuan/mt, while the import loss for the current SHFE copper contract was between 1,050 and 1,130 yuan/mt.
At the beginning of the morning session, suppliers quoted standard-quality copper at a discount of 180-50 yuan/mt, and SX-EW copper at a discount of 220 yuan/mt. High-quality copper from Guixi and Jinchuan (plate) was quoted at a premium of 50 yuan/mt and a discount of 50 yuan/mt, respectively, due to scarce supply. Overall trading was sluggish. Standard-quality copper from Jinchuan ISA, Zhongtiaoshan, and Tiefeng traded at a discount of 200 yuan/mt. Entering the second session, suppliers further lowered prices. High-quality Guixi copper was quoted at parity, Jinchuan (plate) at a discount of 60 yuan/mt, and standard-quality copper at a discount of 240-90 yuan/mt. Trading activity subsequently improved slightly. Peru plate traded at a discount of 90 yuan/mt, while Tiefeng and Zhongtiaoshan traded at a discount of 240 yuan/mt. SX-EW copper from Myanmar traded at a discount of 260 yuan/mt.
Looking ahead to tomorrow, copper prices are expected to see their center shift lower, with downstream consumers primarily making just-in-time procurement. The overall market trading atmosphere is unlikely to improve significantly. It is anticipated that the outflow of delivery warrants will exert further pressure on spot premiums/discounts, and the spot market is likely to maintain a discount tomorrow.
