Shanghai Metal Market: Shanghai Copper fluctuates; market sentiment is average

Today in Shanghai Metal Network, #1 electrolytic copper quotation is 95,740-96,200 yuan/ton, with an average of 95,970 yuan/ton, down 890 yuan/ton compared to the previous trading day, and the SHFE copper 2604 contract is quoted at a premium of 80-20 yuan/ton. Copper prices maintain a weak rebound trend; during the morning session, SHFE copper paused its rise and fell back. By midday close, the main contract dropped 430 yuan/ton, a decline of 0.45%. Today’s market sentiment is generally moderate; downstream maintains pre-holiday just-in-time stockpiling, but limited consumption growth provides little support for the premium. Imported supplies arrive gradually, combined with slower destocking, leading to relatively ample spot liquidity, which puts some pressure on the premium. Today’s spot prices are little changed from yesterday; by the close, our network’s premium copper is quoted at a premium of 40-20 yuan/ton, standard copper at a premium of 80-50 yuan/ton, wet-process copper at a premium of 130-100 yuan/ton, and non-registered copper at a premium of 180-150 yuan/ton. (SHMET)