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The Shanghai spot copper market is expected to remain under pressure tomorrow. After copper prices jumped, downstream buying interest cooled, reflecting limited acceptance of current price levels. Suppliers showed strong willingness to sell, with some brands continuing to offload cargo, weighing on discounts. Downstream buyers mostly stayed on the sidelines, with procurement driven by rigid needs and dip-buying. Notably, the price spread between high-quality and standard-quality copper narrowed from earlier, indicating a more rational market where actual consumption demand is the dominant force. Overall, amid active selling by suppliers and cautious procurement by downstream buyers, the discount against the 2604 contract is expected to remain at current levels tomorrow.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain under pressure. After copper prices jumped, downstream procurement sentiment pulled back, indicating limited acceptance of current price levels. From the market structure perspective, suppliers showed strong willingness to sell, with some brands continuing to offload cargo, putting pressure on discounts. Downstream buyers mostly maintained a wait-and-see stance, with procurement mainly driven by rigid demand and buying on dips. It is worth noting that the price spread between high-quality copper and standard-quality copper narrowed somewhat from the previous period, indicating that the market trading structure has become more rational, with actual consumption demand becoming the dominant force at the current stage. Overall, amid the tug-of-war between suppliers actively selling and downstream buyers purchasing cautiously, spot prices against the 2604 contract are expected to maintain the current discount level tomorrow.