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Shanghai Metals Market: Copper price uptrend expands as downstream consumption declines
Today, Shanghai Metals Market quoted 1# electrolytic copper at 106,480–106,840 yuan/ton, with an average price of 106,660 yuan/ton. Compared with the previous trading day, it rose by 1,350 yuan/ton. For the 2608 contract, prices were raised by 360–4,400 yuan/ton. Copper prices remain on an upward trend. As of the midday close, the Shanghai copper main contract rose by 1,400 yuan/ton, up 1.34%.
Today’s spot market sentiment is average. Copper prices continued to climb alongside higher premiums, which led to reduced downstream consumption demand; during the day, the market maintained just-need procurement. The futures month spread widened to above one hundred yuan. As the month spread increased, holders’ willingness to ship rose; as supply and demand expanded, premiums fell.
As of the midday close, Shanghai Metals Market quoted premium copper at a premium of 420–440 yuan/ton, flat-premium copper at a premium of 360–400 yuan/ton, wet-process copper at a premium of 320–350 yuan/ton, and unregistered copper at a premium of 270–300 yuan/ton. (SHMET)