Price Spread Between Futures Contracts Narrowed First, Then Widened as Delivery Approached; Shanghai Spot Copper Premiums Remained Firm [SMM Weekly Review of Shanghai Spot Copper]

Published: Jun 12, 2025 18:20

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>During the week, copper prices jumped initially and then pulled back, while spot premiums also stopped falling and rebounded. In the first half of the week, copper prices remained above 79,000 yuan/mt, dampening downstream purchasing sentiment and leading to bargain down purchasing prices of spot cargo. However, due to the high copper prices, the BACK price spread between futures contracts for the next month continued to fluctuate around 100 yuan/mt, and suppliers were reluctant to offer discounts on premiums. In the second half of the week, as copper prices fell and the price spread between futures contracts widened, some suppliers offered discounts on premiums. However, as the delivery date approached, the available spot cargo in the market became tight, and spot transactions continued to remain firm above parity. Looking ahead to next week, it is expected that there will be concentrated arrivals of cargo from sources such as Russia in the market. After the contract rollover, spot cargo will still start with high premium quotes, but transactions are expected to gradually pull back to around 100 yuan/mt.

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