Setelah rollover kontrak, permintaan dari sektor hilir lesu, dan sikap bertahan pada harga mendorong kenaikan premi tembaga spot di Tiongkok Utara [SMM North China Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the current social inventory continues to destock rapidly. SMM data shows that Shanghai's social inventory recorded 76,500 mt, down 9,100 mt MoM; Jiangsu's social inventory recorded 19,500 mt, down 6,900 mt MoM, with available spot cargoes remaining persistently tight. From the perspective of supplier behavior, after low-priced cargoes were quickly digested, the market found it difficult to locate discounted cargoes, and suppliers held firm in their intention to support prices. High-quality copper premiums were maintained at a high of 360-400 yuan/mt. After the contract rollover, the backwardation spread between the front-month and next-month contracts narrowed but still stayed at a relatively high level. Overall, with inventory continuing to destock and limited replenishment arrivals, Shanghai spot copper prices against the SHFE 2608 contract are expected to remain at a premium tomorrow, with the overall center possibly moving slightly higher.

[Kilasan Persediaan Sosial Tembaga SMM] Per 16 Juli 2026, persediaan sosial katoda tembaga SMM di wilayah-wilayah utama di Tiongkok turun 41.600 mt secara mingguan dari Kamis sebelumnya (9 Juli), menjadi 123.400 mt. Berdasarkan wilayah, di Shanghai dan Jiangsu, dipengaruhi oleh kedatangan yang terus ketat dari sumber impor dan domestik, persediaan mengalami penurunan stok signifikan; di Guangdong, kedatangan menurun, konsumsi pengguna akhir menunjukkan kinerja biasa-biasa saja, pola pasokan-permintaan lemah di kedua sisi, dan persediaan turun tipis.