Shanghai Metals Market: LME copper futures are ranging in high levels, with higher premiums; downstream demand is average.

Today, Shanghai Metals Market’s 1# electrolytic copper price is quoted at 104,340–104,820 yuan/ton, with an average price of 104,580 yuan/ton. Compared with the previous trading day, it is up by 450 yuan/ton, and the 2608 contract’s premium is quoted at a rise of 390–480 yuan/ton. The U.S. Dollar Index fluctuated and then fell back; the copper price was supported by a rebound within its range. As of the noon close, the main SHFE copper contract is up by 300 yuan/ton, up 0.29%.

With the absolute copper price level relatively high alongside premiums staying elevated, downstream demand remains mainly on a need-by-need basis, providing only a modest lift. However, spot availability in the market still remains tight, together with inventory drawdowns; premiums have held firm and edged higher.

By the close, Shanghai Metals Market’s premium copper is quoted at a rise of 460–480 yuan/ton; flat-grade copper is quoted at a rise of 390–450 yuan/ton; wet-process copper is quoted at a rise of 360–380 yuan/ton; and non-registered copper is quoted at a rise of 300–320 yuan/ton. (SHMET)