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Shanghai Metal Market: Copper spot circulation tightens, premiums rise further
Today, Shanghai Metals Market’s #1 electrolytic copper is quoted at 103,000-103,460 yuan/ton, with an average price of 103,230 yuan/ton. This is up 140 yuan/ton from the previous trading day. Compared with the 2607 contract, it has risen by 40-120 yuan/ton. The U.S. dollar index eased from its highs, and copper prices saw choppy fluctuations followed by a rebound. As of the midday close, the main LME copper futures contract on the Shanghai market rose by 270 yuan/ton, up 0.26%.
Today’s spot market saw little change. After the weak rebound in copper prices, downstream buyers’ willingness to chase higher prices weakened. However, spot liquidity in the market remains limited, and alongside inventory destocking, spot holders’ willingness to support prices has intensified, pushing premiums up further.
As of the midday close, on this website, premiums for electrolytic copper are quoted at +100 to +120 yuan/ton versus flat price, +40 to +70 yuan/ton for flat-grade copper, flat to +20 yuan/ton for wet-process copper, and discounts of 170-150 yuan/ton for non-registered copper. (SHMET)