Shanghai-bonded copper stocks extend decline by 14,000 mt on week

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SHFE copper prices are expected to rise intraday and remain at a relatively high level. Coupled with the futures contract rollover, trading activity is likely to be muted, reflecting that the current price level is significantly suppressing real demand. After the rollover, the market will officially price around the 2607 contract, and close attention should be paid to the outflow of unmatched warrants. However, open interest for the SHFE copper 2606 contract currently stands at approximately 5,500 lots, indicating limited delivery participation. The concentrated release of warrants is therefore expected to exert relatively limited additional pressure on spot discounts. Supported by delivery-related dynamics, Shanghai spot copper discounts did not see a sharp decline. But if copper prices remain at current highs and demand fails to improve effectively, spot premiums may come under downward pressure.

Hari ini di Tiongkok Utara, harga spot katoda tembaga #1 terhadap kontrak bulan terdekat dilaporkan dengan diskon 190–130 yuan/mt, dengan diskon rata-rata 160 yuan/mt, naik 10 yuan/mt dari hari perdagangan sebelumnya. Harga transaksi rata-rata berada di 104.580 yuan/mt, turun 1.025 yuan/mt dari hari perdagangan sebelumnya.