Wharfs in Pearl River Delta Region to Halt Works on Typhoon

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SMM recorded social inventory in Shanghai at 58,600 mt, down 2,500 mt WoW from Monday, while social inventory in Jiangsu stood at 20,800 mt, up 2,300 mt WoW from Monday, with overall social inventory showing a slight destocking. From a supply-demand fundamental perspective, a large volume of imported copper is expected to arrive later, which may exert phased pressure on spot premiums. Downstream enterprises have low acceptance of the current high premiums, but due to tight supply of mainstream circulating cargoes in Shanghai, spot premiums for SHFE copper first declined and then rose during the day. Spot premiums for SHFE copper are expected to remain at a relatively high level tomorrow, with downside room still limited.

Harga tembaga cenderung melemah pekan ini, mendorong peningkatan permintaan hilir. Pasokan spot yang ketat semakin memperkuat keinginan penjual untuk bertahan pada harga. Setelah pergantian kontrak, katoda tembaga spot Shandong kembali ke struktur premium. Hingga Kamis, rata-rata premium/diskon spot tercatat +430 RMB per ton.