[Shanghai Spot Copper] Looking ahead to tomorrow, the early-month procurement cycle is continuing, downstream demand is still being released, and both buying and selling sentiment have been rebounding, keeping market trading activity relatively brisk. On the supplier side, after low-priced cargoes were rapidly absorbed, discounted cargoes became hard to find in the market, and suppliers developed a stronger willingness to hold prices firm. Buyers’ parity bids could not be executed. Due to scarce availability, premiums for high-quality copper held at the high level of 80-100 yuan/mt, providing support to overall premiums. On the inventory front, SMM data showed that social inventory in the Shanghai region recorded 126,500 mt, down 7,700 mt WoW from Monday; in the Jiangsu region, social inventory recorded 36,200 mt, down 5,000 mt WoW from Monday, with both regions showing a destocking trend. Overall, driven by the confluence of early-month demand release, suppliers holding prices firm, and inventory destocking, spot Shanghai copper against the SHFE 2607 contract is expected to remain at a premium tomorrow, maintaining an overall strong trend.

[SMM Shanghai Spot Copper] Looking ahead to next week, the market supply-demand structure may undergo marginal changes. On one hand, during the day, some traders will have replenishment needs due to prior overselling, and with the concentrated release of demand to replenish cargoes with invoices dated this month, available low-priced supplies will be quickly absorbed. Subsequently, the available spot copper in the market is expected to remain tight. On the other hand, from a market sentiment perspective, copper prices are currently at relatively low levels, and suppliers generally hold an optimistic outlook on future spot premiums, showing weak willingness to sell at low prices, which provides support to spot premiums. Overall, Shanghai spot copper prices against the SHFE copper 2607 contract are expected to remain at a discount next week, and the discount may narrow slightly.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, some suppliers will have month-end payment collection needs and will offload cargoes in the market, dragging down the center of spot premiums. Actual transaction discounts for standard-quality copper have already expanded to 70-60 yuan/mt, and some brand offers have reached a discount of 80-70 yuan/mt. On the demand side, SMM understands that after the recent continuous decline in copper prices, some processing enterprises have reported moderate orders, and their dip-buying willingness has strengthened. However, market performance shows that suppliers had to lower their offers several times before transactions were concluded, indicating that downstream players are still mainly pushing for lower prices with limited willingness to chase higher prices. Overall, amid the tug-of-war between suppliers' offloading pressure and downstream dip-buying, Shanghai spot copper prices against the SHFE copper 2607 contract are expected to remain at a discount tomorrow, with the discount likely to widen slightly.

Looking ahead to tomorrow, today's Shanghai social inventory recorded 139,400 mt, up 7,400 mt WoW from last Thursday; Jiangsu's inventory recorded 44,400 mt, up 2,500 mt WoW, showing a slight inventory buildup trend. According to SMM, the buildup was mainly due to arrivals from some domestic smelters combined with inflows of imported cargo, increasing supply-side pressure somewhat. In terms of market performance, intraday trading was overall sluggish. Suppliers quoted premiums from parity to a premium of 30 yuan/mt in early trading, but transactions failed to follow up, leading to successive downward revisions of quotes. By the second session, actual transactions for standard-quality copper had fallen to around a discount of 50-30 yuan/mt. Some suppliers were offloading cargo, further dragging down the center of market premiums. Overall demand was weak, with downstream users only making just-in-time procurement, lacking the willingness to chase higher prices. Overall, under the combined pressure of inventory buildup and increased willingness to sell among suppliers, Shanghai spot copper prices against the SHFE copper 2607 contract are expected to remain at current levels tomorrow.

Looking ahead to tomorrow, copper prices edged up slightly today. Although buying and selling sentiment rebounded, it remained weak overall. In the morning session, suppliers quoted from parity to a premium of 10 yuan/mt, but actual transactions were sluggish. In the second session, prices were continuously lowered to around a discount of 20 yuan/mt before deals could be concluded, reflecting downstream users' limited acceptance of current copper prices and reluctance to chase higher prices. The inter-month Contango spread widened slightly but stayed in the range of around 100 yuan/mt, with suppliers showing relatively strong willingness to hold prices firm. Close attention should be paid to warrant outflows tomorrow. If there is a concentrated release, it will put pressure on spot premiums; if outflows are limited, then, supported by the spread structure, there is limited room for the discount to widen further. Overall, amid the tug-of-war between weak demand and uncertainty over warrant outflows, Shanghai spot copper prices against the SHFE copper 2607 contract are expected to remain at current levels tomorrow.

[SMM Shanghai spot copper] Looking ahead to tomorrow, today copper prices edged up. Buying and selling sentiment rebounded but remained relatively weak overall. Suppliers quoted from parity to a premium of 10 yuan/mt in early trading, but actual trading was sluggish. In the second session, quotes were continuously lowered to around a discount of 20 yuan/mt before deals could be concluded, reflecting limited acceptance of current copper prices by downstream buyers and insufficient willingness to chase higher prices. The Contango spread between monthly contracts widened slightly but remained around 100 yuan/mt, and suppliers showed relatively strong willingness to hold prices firm. Close attention should be paid to the outflow of warrants tomorrow. If released in concentration, it will weigh on spot premiums; if the outflow is limited, then supported by the spread structure, there is limited room for further decline in the discount. Overall, amid the tug-of-war between weak demand and uncertain warrant outflows, Shanghai spot copper prices against the SHFE copper 2607 contract are expected to remain at current levels tomorrow.