Tekanan pasokan sedikit mereda, permintaan terus melemah menjelang hari libur [SMM tembaga spot Tiongkok Utara]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, suppliers continuously lowered their quotes during the day to facilitate transactions, and the market transaction center shifted further downward. In early trading, the price spread between SHFE copper 2610 and 2611 contracts consolidated around a backwardation of 600 yuan/mt before rapidly widening, once expanding to around 700-710 yuan/mt during the session. Near-month contracts strengthened further relative to deferred-month contracts, and the backwardation structure between adjacent months deepened notably, exerting some pressure on spot purchases. On the demand side, most downstream processing enterprises have largely completed their pre-holiday stockpiling, leaving limited new purchasing demand. Trading activity in the market is expected to decline further tomorrow. As pre-holiday demand gradually weakens, suppliers face increasing shipment pressure, and spot premiums in Shanghai are expected to continue edging down tomorrow.

SMM, 29 September: Pada perdagangan awal hari ini, selisih harga antara kontrak tembaga SHFE 2610 dan 2611 terkonsolidasi di sekitar backwardation sekitar 600 yuan/mt sebelum melebar dengan cepat, sempat naik ke backwardation sekitar 700-710 yuan/mt selama sesi berlangsung.