Data: SHFE, DCE market movement (Feb 09)

[Shanghai spot copper] Looking ahead to tomorrow, spot premiums and discounts are expected to come under pressure. During the day, suppliers showed willingness to sell off goods, while downstream consumption weakened as some enterprises entered holidays and stockpiling was basically completed, leading to a slight drop in spot premiums and discounts. In terms of supply, previously locked imported goods arrived at ports successively, and market circulation gradually increased; however, it is worth noting that most suppliers of deliverable brands chose to hold goods and wait for delivery to obtain price spread benefits between futures contracts, resulting in a tightening of deliverable goods available for circulation in the market. At the same time, buyers' purchase willingness remained sluggish, and the market showed a stagnant supply-demand stalemate, which is expected to suppress the activity of spot trades and the performance of premiums and discounts.

Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 360–160 yuan/mt, averaging a discount of 260 yuan/mt, down 20 yuan/mt from the previous trading day. Transaction prices ranged from 101,220 to 101,700 yuan/mt, with an average of 101,460 yuan/mt, up 180 yuan/mt from the previous trading day.