Cargoes with invoices dated this month are scarce, and the center of Shanghai spot copper spot premiums continues to move upward [SMM Shanghai spot copper].

Published: Aug 26, 2026 14:28

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[SMM Shanghai spot copper] Looking ahead to tomorrow, available spot copper cathode supplies in the Shanghai market remain tight. After some low-priced cargoes were traded in early morning, offers quickly decreased. Suppliers' willingness to hold prices firm and hold back from selling further strengthened. As month-end approaches, some downstream consumers and traders still need to replenish cargoes with invoices dated this month, but supply of such cargoes is relatively limited, widening the invoice gap gradually. Purchase sentiment continued to rebound during the day, reflecting that restocking demand still exists, providing strong support for spot premiums. However, with copper prices and premiums both at high levels, downstream acceptance of high-priced cargoes may gradually decline, and the willingness to chase higher prices could be restrained. On balance, due to tight available supplies, month-end invoice demand, and suppliers' firm hold on prices, Shanghai spot copper prices against the 2609 contract are expected to remain in premium tomorrow, with the overall center likely to hold up well.

SMM August 26 News:

Today, SMM #1 copper cathode spot prices against the SHFE copper 2609 contract were quoted at a premium of 240-380 yuan/mt, with an average premium of 310 yuan/mt, up 60 yuan/mt from the previous trading day. The SHFE copper 2609 contract experienced a retreat after a rapid rise. After opening, prices quickly surged, hitting a high of around 108,550 yuan/mt during the session, then rapidly pulled back; thereafter, the price center consolidated lower and gradually moved below the average line, briefly touching a low of around 108,050 yuan/mt near the midday close, before slightly rebounding to 108,120 yuan/mt. The inter-month back spread ranged between 160 yuan/mt and 250 yuan/mt. The import profit margin for the current month against the SHFE copper 2609 contract ranged from a loss of 1,370 yuan/mt to a loss of 1,280 yuan/mt.

Intraday, the sales sentiment for copper cathode in the Shanghai area was 2.97, up 0.03 MoM, and the purchase sentiment was 3.44, up 0.19 MoM. Historical data can be queried from the database. In early morning trading, suppliers initially offered cargoes with invoices dated next month for standard-quality copper Tiefeng at a premium of 240 yuan/mt, and cargoes with invoices dated this month for Lufang, Zhongtiaoshan, and Dajiang HS at premiums of 290-300 yuan/mt. After some available cargoes were traded, the market became scarce. Entering the second session, suppliers further raised their quotes, with cargoes with invoices dated this month for standard-quality copper becoming tradable at a premium of 350 yuan/mt, and some suppliers attempted to offer cargoes with invoices dated this month at premiums of 390-400 yuan/mt; non-registered copper TENKE was quoted at premiums of 180-200 yuan/mt for cargoes with invoices dated next month.

Looking ahead to tomorrow, the supply of available copper cathode in the Shanghai market remains tight. After some low-priced cargoes were traded in early morning, market offers quickly diminished, and suppliers' willingness to hold prices firm and hold back from selling further strengthened. Approaching month-end, some downstream consumers and traders still have demand to replenish cargoes with invoices dated this month, while supply of such cargoes is relatively limited, gradually widening the invoice spread. Intraday purchase sentiment continued to rebound, reflecting persistent restocking demand, which provides strong support for spot premiums. However, as copper prices and premiums remain at high levels simultaneously, downstream acceptance of high-priced cargoes may gradually decline, and their willingness to chase purchases may be suppressed. Overall, under the combined effect of tight available supply, month-end invoice demand, and suppliers' firm price stance, the spot copper market against the SHFE 2609 contract is expected to maintain premiums tomorrow, with the overall center likely holding up well.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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