Les fonderies chinoises et Antofagasta fixent le prix de référence du concentré de cuivre pour 2026 à 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.

La cathode de cuivre spot n°1 en Chine du Nord était cotée aujourd'hui avec une prime de 100 à 240 yuans/tonne par rapport au contrat du mois en cours, avec une prime moyenne de 170 yuans/tonne, en hausse de 100 yuans/tonne par rapport à la séance précédente, et un prix de transaction moyen de 109 090 yuans/tonne, en baisse de 245 yuans/tonne par rapport à la séance précédente ;