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Shanghai Metals Market: Spot copper liquidity tightens, premiums stay strong

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Today, Shanghai Metals Market’s 1# electrolytic copper price is quoted at 105,120–105,500 yuan/ton, with an average price of 105,310 yuan/ton. Compared with the previous trading day, it rose by 730 yuan/ton. For the 2608 contract, the prompt premium is quoted higher by 440–500 yuan/ton. Copper prices have maintained a relatively strong trend within the range. As of the morning close, the main Shanghai copper contract rose by 1,030 yuan/ton, up 0.99%. Today’s copper market sentiment remains acceptable. Spot market circulation has tightened further, supporting continued premium increases. The price gap between East China and South China has widened. It is rumored that some sources of goods have flowed toward the East China market, but social inventories have fallen to a new annual low. Expectations for replenishment may be limited, so in the short term, premiums may remain relatively strong, and later premiums may fluctuate with supply-demand conditions. With copper’s absolute price relatively high and premiums high as well, consumption improvement is relatively conservative, and the premium increase appears to have narrowed versus last week. By the close, this website’s premium copper is quoted at a higher rate of 480–500 yuan/ton; flat copper is quoted at a higher rate of 440–470 yuan/ton; and non-registered copper is quoted at a higher rate of 300–320 yuan/ton. (SHMET)
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