Price Spread Between Nearby Futures Contracts Narrowed Slightly, Shanghai Spot Copper Premiums Continued to Widen Under Pressure [SMM Shanghai Spot Copper]
[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices edged down during the day, activating some downstream buying interest. According to SMM, orders at some processing enterprises in east China improved compared to yesterday, with end-users mostly placing orders at around 103,600 yuan/mt. Available supplies in Changzhou became relatively tight, which may provide some support for local spot prices. In terms of market structure, the inter-month Contango price spread between futures contracts narrowed slightly, weakening suppliers' willingness to ship to delivery warehouses. The marginal increase in spot circulation pressure pushed discounts to widen further. Overall, amid the interplay of narrowing price spreads between futures contracts pressuring discounts, limited marginal improvement in demand, and tight regional supplies, spot prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow, continuing to stay under pressure.