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.

Aujourd'hui dans le nord de la Chine, la cathode de cuivre spot n° 1 par rapport au contrat du mois en cours s'échangeait avec un escompte moyen compris entre 170 yuans/tonne et 110 yuans/tonne, l'escompte moyen s'établissant à 140 yuans/tonne, inchangé par rapport au jour de bourse précédent. Le prix de transaction moyen était de 102 060 yuans/tonne, en baisse de 250 yuans/tonne par rapport au jour de bourse précédent.