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.

Di China Utara hari ini, harga spot katoda tembaga #1 terhadap kontrak bulan depan dilaporkan pada premi 140–220 yuan/mt, dengan premi rata-rata 180 yuan/mt, naik 20 yuan/mt dari hari perdagangan sebelumnya. Harga transaksi rata-rata adalah 104.995 yuan/mt, naik 750 yuan/mt dari hari perdagangan sebelumnya.