Delivery support and resistance to high prices coexisted, while Shanghai spot copper spot premiums remained generally stable [SMM Shanghai Spot Copper]
[SMM Shanghai Spot Copper] As delivery approached, the inter-month Contango price spread remained around 300 yuan/mt, and suppliers were still willing to ship to delivery warehouses, providing strong support for SHFE copper spot premiums. Demand side, downstream enterprises maintained just-in-time procurement, offering some support to prices, but during the day some downstream enterprises showed limited acceptance of spot copper with high premiums, and procurement turned more cautious; supply side, domestic copper and previously price-locked imported cargoes continued to arrive, while social inventory remained at a high level. According to SMM, social inventory in Shanghai this week was basically flat from the beginning of the week. Overall, under delivery-driven market logic, SHFE copper spot premiums were expected to remain in premium territory tomorrow.