SMM Morning Comment For SHFE Base Metals November 8

[SMM Shanghai Spot Copper] Tomorrow, today was the first trading day of July, a new monthly procurement cycle began, downstream enterprises’ restocking demand at the beginning of the month was released to some extent, and both buying and selling sentiment rebounded markedly, lifting market trading activity. Supplier side, after low-priced cargoes dwindled, suppliers’ willingness to hold prices firm became evident, with the premium for high-quality copper staying at a high of 50-80 yuan/mt. The inter-month price spread was near parity, limiting suppliers’ delivery profits from holding positions, weakening their willingness to sell at low prices, and providing support for spot discounts. Overall, driven by the release of month-start restocking demand, buying interest spurred by low copper prices, and suppliers’ resolve to hold prices firm, spot prices against the SHFE copper 2607 contract tomorrow are expected to edge up.

Hoy, en el norte de China, el cátodo de cobre N.° 1 al contado frente al contrato del mes inmediato registró un descuento promedio de entre 170 y 110 yuan/tm, con un descuento promedio de 140 yuan/tm, sin cambios respecto al día de negociación anterior. El precio de transacción promedio fue de 102.060 yuan/tm, 250 yuan/tm menos que el día de negociación anterior.