Daily Updates on SHFE Base Metals and Stainless Steel Warrants (Dec 12)

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, available supply in the Shanghai region is expected to remain tight. Although some imported copper has been arriving gradually during the day, the actual replenishment volume is relatively limited, and the downward pressure on spot premiums is still fairly constrained in the short term. However, as spot premiums stay high, downstream processing enterprises' acceptance of current prices continues to decline, wait-and-see sentiment in the market has strengthened somewhat, and procurement is gradually shifting toward essential demand. At the same time, with premiums at elevated levels, suppliers' willingness to sell has increased compared with earlier, and some supply previously registered as warrants has begun to flow into the spot market, though the overall released volume remains limited. On balance, tight supply still provides some support for premiums, but negative feedback from the demand side on high premiums is gradually emerging, and Shanghai spot copper premiums are expected to pull back somewhat tomorrow.

[SMM Actualización de Exportación de Cátodos de Cobre] A finales de septiembre, la relación de precios del cobre SHFE/LME retrocedió a 7,6 y las pérdidas por importación se ampliaron a más de 1.500 yuanes/tm. Sin embargo, los datos de SMM mostraron que el 23 de septiembre, los precios spot del cátodo de cobre SMM #1 frente al contrato SHFE de cobre 2610 se situaron en una prima de 1.200-1.480 yuanes/tm; el 21 de septiembre, los inventarios de cobre de SMM en las principales regiones de China cayeron a 74.800 tm, aproximadamente en el percentil 1 del último año, con las fundiciones manteniendo escasas cargas disponibles y ya sobrevendidas. La encuesta mostró que las fundiciones con procesamiento de concentrado de cobre mediante comercio con manuales de materiales importados y calificaciones de exportación no tienen planes de exportación significativos por el momento.