Concentrado de Cobre de Fundidores Chinos y Antofagasta Establecen el Benchmark de TC/RC para 2026 en $0/0,0¢

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the available copper cathode supply in the Shanghai market is tightening further, with market offers quickly decreasing after low-priced cargoes are traded. Suppliers show a strong willingness to hold prices firm and hold back from selling, driving spot premiums to rapidly approach the year's high. Meanwhile, the spot price spread between Shanghai and Guangdong has widened to around 235 yuan/mt. If the spread can cover transportation, capital occupancy, and time costs, some Guangdong cargoes may be able to be moved to Shanghai, marginally easing expectations of tight supply in Shanghai. However, it still takes some time for cross-regional cargoes from organization and shipment to actual warehouse entry, so the supplement to spot supply may be relatively limited in the short term. Demand side, copper prices remain at a relatively high level, and coupled with the rapid rise in spot premiums, downstream acceptance of high-priced cargoes has declined, with daily purchasing sentiment pulling back slightly, and the willingness to chase higher prices is likely to weaken gradually. Overall, supported by tight available supply and suppliers holding prices firm, Shanghai spot copper prices against the SHFE copper 2609 contract are expected to remain at high premiums tomorrow. However, as the window for cross-regional transfers between Shanghai and Guangdong approaches opening, and high copper prices and high premiums suppress demand, the extent of further rise in premiums may narrow.

Cátodo de cobre spot n.º 1 en el norte de China se cotizó hoy con una prima de 100–240 yuan/mt frente al contrato del mes próximo, con una prima media de 170 yuan/mt, 100 yuan/mt más que la jornada anterior, y un precio medio de transacción de 109.090 yuan/mt, 245 yuan/mt menos que la jornada anterior;