COMEX Copper Net Longs Fall Steeply on Capital Flight

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, persistently low social inventory in Shanghai has kept available copper cathode spot cargoes tight, providing strong support to spot premiums. During the day, copper prices edged up, and the backwardation structure between delivery months narrowed to 140-170 yuan/mt, with suppliers holding prices firm and showing strong reluctance to sell. Standard-quality copper was quoted at premiums around 450-480 yuan/mt, up about 40 yuan/mt from yesterday. Downstream enterprises had limited acceptance for cargoes near 450 yuan/mt premiums, with procurement still driven by immediate needs and bids mostly around 420 yuan/mt. Traders, however, continued to trade on expectations of tight available supply, cargo circulation was relatively active, and purchasing willingness remained high. Overall, with the tightness in available supply expected to persist for the near term, Shanghai spot copper prices against the SHFE 2608 contract are expected to hold a premium, and the overall center may edge up further.

Dans le nord de la Chine aujourd'hui, les prix au comptant de la cathode de cuivre n°1 par rapport au contrat du mois en cours ont été rapportés avec des primes de 140-220 yuans/tonne, avec une prime moyenne de 180 yuans/tonne, en hausse de 20 yuans/tonne par rapport au jour de négociation précédent. Le prix de transaction moyen était de 104 995 yuans/tonne, en hausse de 750 yuans/tonne par rapport au jour de négociation précédent.