Shanghai Metal Network: Shanghai Copper Maintains High Levels, Downstream Just-in-Time Purchases

Today, Shanghai Metal Network’s #1 electrolytic copper is quoted at 101,880-102,220 yuan/ton, with an average of 102,050 yuan/ton. Compared with the previous trading day, it fell by 810 yuan/ton. For the SHFE copper 2605 contract, it is quoted at a range from a discount of 30 to a premium of 40 yuan/ton. This morning, copper prices adjusted at the high end; during the session, the price range saw a slight pullback. As of the midday close, the main SHFE copper contract fell by 660 yuan/ton, down 0.64%. Copper prices remain at a high level; during the session, there were small declines. Downstream buyers mainly purchase on demand, and there is limited support from higher-priced absorption. Premiums in East China and South China widened to more than 200 yuan, and some supplies flowing south passively supported the spot premium in Shanghai. As of the midday close, the website’s premium copper is quoted at a premium of 20-40 yuan/ton; its flat copper is quoted at a discount of 30- a premium of 10 yuan/ton; its wet-process copper is quoted at a discount of 60- a discount of 40 yuan/ton; and its non-registered copper is quoted at a discount of 110- a discount of 90 yuan/ton. (SHMET)